Pi Network Price Forecast: PI risks further losses to crucial support despite rising whale interest :

Pi Network edges lower, extending the previous week’s downfall below $0.50.
Top whales bought over 2 million PI tokens, while CEXs' wallet balances grow.
The technical outlook shows a bearish bias, suggesting a potential retest of $0.40 as bullish momentum fades.
Pi Network (PI) edges lower by nearly 1% and trades at $0.45 at press time on Tuesday as the available wallet balance of centralized exchanges (CEX) grows, suggesting increased supply pressure. However, the large transactions over the last 24 hours reveal two whale transactions acquiring over 2 million PI tokens. Still, the technical outlook suggests a bearish bias, indicating a potential retest of the $0.40 mark.

Whales are on a buying spree amid rising CEX levels

PiScan's data shows the CEXs’ wallet balances rising to 373.60 million PI tokens with a net inflow of 2.41 million PI tokens in the last 24 hours. The rising deposits on CEX suggest increased selling pressure from investors.

Amid the rising supply pressure, the large transactions over the last 24 hours highlight two whale transactions withdrawing over 2 million PI tokens from the exchanger. The “GASWBD…J2AODM” withdrew 1.66 million PI tokens, while the “GBVD3M…4ZLRVM” acquired 400,000 PI tokens. It is worth noting that the whale "GASWBD…J2AODM" has acquired 7.92 million PI tokens in the last five days.

The whales’ purchases almost match the total supply inflow of all exchanges, suggesting heightened confidence.

Pi Network eyes $0.40 retest as bullish momentum fades
Pi Network ticks lower by nearly 1% at press time on Tuesday following Monday's decline. As PI extends the 12% drop from last week, the declining trend eyes the $0.40 round figure, last tested on June 13.

The technical indicators remain muted, with the Relative Strength Index (RSI) hovering around 33 on the daily chart, slightly above the oversold boundary. A dip below the oversold boundary at 30 would signal increased selling pressure.

However, to restart an uptrend, Pi Network must overcome Friday's bearish candle with a daily close above the $0.50 psychological mark. In such a scenario, the uptrend in PI could reach the $0.54 mark last tested on June 29.

#PI#