Pi Network (PI) slipped another 5% on Tuesday, extending the sharp 19% plunge recorded the previous day. The steep correction follows the failure of Pi Network’s founders to restore market confidence during a community meetup in Seoul on Monday. Technical signals suggest downside risks remain elevated as bearish momentum strengthens.
Still, declining wallet reserves on centralized exchanges (CEXs) point to accumulation by long-term holders who appear to be buying the dip.
CEX reserves fall as PI rebounds from record low
Pi Network founders Nicolas Kokkalis and Chengdiao Fan appeared at a Seoul meetup hosted in collaboration with Sign, presenting updates on smart contract development, protocol upgrades, and AI-powered KYC features aimed at streamlining user onboarding. Despite the announcements, investor sentiment remained weak, with PI crashing to an all-time low of $0.1842 before recovering to close at $0.2860 on Monday.
PiScan data shows a net outflow of 7.96 million PI from CEX reserves over the past 24 hours, aligning with the modest rebound from record lows. This trend suggests that some investors view the sharp decline as a buying opportunity in the mobile-mined cryptocurrency.
Bearish momentum adds to downside risk
At the time of writing, PI trades near $0.2700, marking its third consecutive daily decline. The move invalidates the recent falling channel breakout and shifts focus toward the S2 pivot level at $0.2387.
A decisive break below the $0.1842 all-time low would confirm a falling channel breakdown, potentially driving the price toward the S3 pivot level at $0.1555.
Momentum indicators remain bearish. The Relative Strength Index (RSI) has dropped to 25, deep into oversold territory, while the Moving Average Convergence Divergence (MACD) continues to trend lower after crossing beneath its signal line on Sunday, reinforcing downside pressure.
Potential recovery levels
On the upside, a rebound above the S1 pivot level at $0.2996 could open the way for a test of the descending trendline at $0.3220. Beyond that, the central pivot level at $0.2838 may serve as another key resistance zone.
