- Pi Network edges lower to the $0.43 support level as the lower high streak continues on the 4-hour chart.
- An unknown wallet acquires 1.40 million PI tokens, signaling confidence in the network.
- The technical outlook indicates an increased downside risk as buying pressure declines.
Pi Network (PI) edges lower by 0.61% at press time on Tuesday following the bullish failure to hold at higher levels on Monday. Amid the pullback to its weekly support of $0.43, an unknown wallet address has acquired 1.40 million PI tokens, advancing its week-long buying spree. Still, the technical outlook remains bearish as the bullish momentum wanes.
Large investor extends the PI tokens buying spree for a week
PiScan data indicates that the “GASWBD…J2AODM” wallet, potentially associated with a large investor, has added over 1.4 million PI tokens from the OKX exchange. The purchase marks the biggest transaction on the network in the last 24 hours.
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Wallet transactions. Source: PiScan
It is worth noting that the large investor has acquired over 11 million PI tokens in the last seven days.
PI risks losing the $0.43 support level as buying pressure declines
PI fails to uphold the bullish momentum spark on Monday as overhead selling pressure at the 100-day Exponential Moving Average (EMA) results in the $0.43 support level retest. The support level has remained intact since July 15, avoiding a candlestick close below this level on the 4-hour chart.
If PI falls below this level, it could test the $0.42 level, marked by the low of July 15, followed by the $0.40 psychological level.
The Relative Strength Index (RSI) faces downside as it falls to 42 below the midpoint line, suggesting a decrease in buying pressure.
The Moving Average Convergence Divergence (MACD) is on the verge of closing below the signal line, which would flash a trend reversal and a sell signal.
PI/USDT daily price chart.
On the other hand, a reversal above the 200-day EMA could reestablish a bullish trend, targeting the $0.50 psychological level.
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