Vishal Dixit
FXStreet
Pi Network (PI) edges lower by over 1% at press time on Monday, marking a bearish start to the week. The mobile mining cryptocurrency is eyeing a record low as selling pressure grows alongside social chatter.
Furthermore, the Pi Foundation made a strategic transfer of 500 million tokens on Friday to a new wallet, coinciding with the start of the ongoing correction.
PiScan data shows the Pi Foundation #14 wallet made five consecutive transactions of 100 million PI tokens to different wallets. The move comes as a strategic transfer with no official announcement, days after the hints of a second migration phase from a PI moderator.
Pi Foundation wallet transactions. Source: PiScan
Still, the sudden shift marks the first-ever withdrawal from the Pi Foundation #14 wallet, following an initial starting balance of 10 billion PI tokens.
Furthermore, the social chatter surrounding the large transactions has increased the social dominance score of Pi Network to 0.202% among all crypto-related social media posts, crossing the 30-day average of 0.195%.
Pi Network social score. Source: Santiment
The declining Pi Network’s PI token puts pressure on the $0.3442 support level marked by the August 5 close. A bearish close to the day below this support level would extend the downcycle within the larger falling channel pattern, marked on the daily chart (shared below).
Pi Network’s downtrend could find support at its record low of $0.3220 from August 1, before reaching the channel’s lower boundary line near the $0.2567 level.
The momentum indicators are on the verge of flashing a sell signal on the daily chart as the declining trend gains traction. The Moving Average Convergence Divergence (MACD) indicates a potential crossover below its signal line, which would signal a bearish shift in trend momentum and trigger a sell signal.
Furthermore, the downward-sloping Relative Strength Index (RSI) reads 38 as selling pressure increases. The indicator also signals extended room for correction before reaching oversold levels.
PI/USDT daily price chart.
Looking up, a potential rebound from the $0.3442 support level could retest the 50-day Exponential Moving Average (EMA), which roughly coincides with the downtrend resistance of the falling channel pattern, at $0.4202.
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
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Near Protocol (NEAR) has extended its short-term bullish outlook, trading above the $3.00 level on Friday as prices in the broader cryptocurrency market decline due to rising volatility.
Bitcoin slides below $117,000 as rising Coinbase reserves signal bullish continuation. Ethereum falls toward $4,500 despite growing institutional interest, with $163 million in ETF inflows on Thursday.
Chainlink trades above $24 at press time on Friday, holding onto the more than 2% gains from Thursday, driven by the buyback of over 43,000 tokens. As LINK remains steady, the derivatives data suggest increasing optimism as open interest and bullish bets rise.
Pi Network consolidates above $0.3500 for the fifth consecutive day, as the recently launched AI-powered Know Your Customer fails to uplift investors' sentiment. Still, a decline in Centralized Exchanges wallet balances and the moves from whales suggest that large-wallet investors are buying the dip.
Bitcoin shows strength, continuing its three consecutive weeks of recovery and holding steady above $116,000 on Friday. The recovery extends following the dovish Federal Reserve stance.
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