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- PI is down 2.3% and is now trading below $0.1700.
- Investor confidence is waning with CEXs listing nearly 2 million PI tokens in the past 24 hours, suggesting a long-term selloff.
Pi Network (PI) is trading below $0.1700 on Monday, extending its decline gradually while the indicator remains firmly in the consolidation phase.
The latest data shows that central exchanges (CEXs) received almost 2 million tokens in the last 24 hours, which shows the increase in the volume of transactions in the midst of a lot of risk in the cryptocurrency market.
The forced sale continues amid political controversy
The Pi Network continues to experience downward pressure, reflecting the market’s caution caused by the failure of peace talks between the United States and Iran in Pakistan. The breakdown in negotiations has escalated tensions, with the US imposing a blockade on maritime traffic through the Strait of Hormuz – increasing the risk to investors.
Data obtained from PiScan shows that 1.92 million PI tokens were transferred to CEXs within 24 hours, meaning that KYC-verified mainnet users can reduce their holdings and increase the ongoing sale.
Meanwhile, investors within the ecosystem are turning their attention to the upcoming Consensus 2026 event, hosted by CoinDesk from May 5-7. Pi Network co-founder Chengdiao Fan plans to speak on May 6 on the topic of integrating Web3, AI, and blockchain for real-world applications.
The event, in Fan’s words, could trigger a “buy the hype, sell the news” dynamic – which would lead to a long-term rally, followed by a fresh sell-off.
PI may face sales difficulties
The 4-hour PI/USD chart is bullish and useful as the indicator is trading below the 50-day and 100-day Exponential Moving Averages (EMAs), currently around $0.1800 and $0.1898, respectively.
Momentum indicators reinforce the bearish trend. The Relative Strength Index (RSI) is near 44, below the neutral zone, indicating bullishness.
Meanwhile, the Moving Average Convergence Divergence (MACD) is showing slightly negative histogram bars, which means that the previous depression remains in play.
At the bottom, immediate support is at $0.1556, the February 23 low. A break below this level could open the door to further declines within a bearish pattern.
However, if the bulls regain control, a move above the 50-day EMA at $0.1800 could be the first sign of recovery. A daily candle that closes above this level would allow PI to retrace the 100-day EMA near $0.1898.
