Plummeting sentiment could drive the PI below $0.20.

Key Highlights

• PI has declined by 1% in the past 24 hours, currently trading below $0.21.
• The coin may decrease further as bearish sentiment grows.

Pi Core Team Transfers 2 Million Tokens

PI has faced a 1% decline over the last 24 hours, despite a broader recovery in the cryptocurrency market following recent downturns. This negative performance comes in the wake of a transfer of 2 million PI tokens from the Pi core team’s liquidity reserve wallet.

Typically, such transfers are strategic moves aimed at consolidating supplies for operational rewards. This often precedes a downturn in cryptocurrency price actions.

A similar transfer of 50 million PI tokens to another wallet two months ago led to significant deposits on the OKX crypto platform. Currently, that wallet holds less than 48 million tokens after transferring more than 3 million tokens to OKX.

This movement could indicate that the core team is consolidating its holdings, which intensifies the bearish sentiment surrounding the PI.

PI May Re-Test Support Level at $0.19

The 4-hour PI/USD chart indicates a bearish trend, with the coin remaining in negative territory over the past week. Technical indicators also suggest that sellers are currently dominating the market.

This bearish performance follows PI’s inability to maintain support at $0.2200, with bearish pressure likely pushing it towards the $0.1919 support zone.

Failure to defend this critical level could expose PI to a low of $0.1533 recorded on October 10, potentially marking its all-time low.

The RSI of 37 is below the neutral 50, indicating that bearish sentiment is in control. Furthermore, the MACD lines are in negative territory, suggesting a continued downward momentum.

However, if bullish momentum returns, PI may bounce back and test the 50-day exponential moving average at $0.2364. A bullish trend is expected to resume once PI surpasses the psychological barrier of $2.500.