Key takeaways
- PI is down 1.6% in the last 24 hours, reversing some of its Thursday gains.
- The bearish performance comes despite Pi Network announcing a creator event and new updates to support easy Pi payment integration.
PI dips below $0.19 as bearish trend resumes
PI, the native coin of the Pi network, has lost 1.6% of its value in the last 24 hours and is now trading above $0.18.
The bearish performance comes despite Pi Network announcing plans on Wednesday to boost the ecosystem, including a creator event, integration of the PI payments system into apps built on the network, and extended access to app creation.
The team revealed that the PI payments support is limited to Test-Pi, and new or non-migrated Pioneers can now deploy app iterations by watching ads instead of paying fees.
Furthermore, Pi Network believes that the ad-supported application building on Pi App Studio could reduce the financial burden of creating Pi applications.
In addition to that, retail demand continues to increase despite PI’s price decline over the past few days. Data obtained from PiScan shows that the users have removed 1.17 million PI tokens from CEXs over the past 48 hours.
The removal from central exchanges will decrease selling pressure on PI as the tokens are transferred to long-term wallets.
PI remains bearish and could dip lower
The PI/USDT 4-hour chart is bearish and efficient as Pi has lost 1.6% of its value in the last 24 hours. PI failed to maintain its rally above the $0.1919 support-turned-resistance level, marked by the October 11 low.
At press time, PI is trading at $0.1839. If the selloff continues, PI could retest the October 10 and January 19 lows at $0.1533 and $0.1502, respectively.
Technical indicators on the 4-hour chart suggest that the bears remain in control. The Relative Strength Index (RSI) is 40, below the neutral 50, while the Moving Average Convergence Divergence (MACD) extends below the signal line.
However, if the bulls regain control and PI closes its daily candle above $0.1919, it could further extend the rally, potentially targeting the December 19 high at $0.2177.
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