Pi Network About to Miss the Price Rise? Insider Selling Raises Major Warning Signs

Pi has fallen by 10% in the past 24 hours and is currently at $0.7485 after breaking the bullish price structure. Pi supporters have recently expressed their concerns about a potential insider selling wave that could put significant pressure on Pi's price and may cause this token to miss out on this strong bullish cycle. Dr Altcoin, an anonymous user on X supporting the project, shared on-chain data from a cryptocurrency wallet created 4 years ago that is believed to be related to the Pi Core Team along with 22,000 others.

This wallet contains 2 million Pi and has transferred 1.4 million PI, worth about 1.1 million dollars, to Gate, one of the few exchanges listing PI. He emphasized that this could be part of the necessary fundraising effort to support the newly launched Pi Network Ventures initiative of the project. However, this also raises questions about the nature of these transactions and supports the forecast of a fall in Pi's price as it can be seen as an effort by insiders to sell at a time when PI is recovering from recent lows. Price Prediction for Pi: PI May Fall to $0.7 After Breaking the Trend Support Line The hourly chart of Pi is quite bearish as several sell signals have been sent after this token broke the bullish trend. The price had increased for nearly four days but faced strong selling pressure at the 0.87 – 0.85 dollar level.

The trading volume exceeded the average by more than 4 times when the price reached that level for the first time on Wednesday and then increased again just a few hours later. PI has broken its trend support line as the chart shows and also its bullish structure. Its second-best high – an important support area has now been retested and has turned into resistance. Additionally, the 9-hour EMA has created a 'death cross' with the 21-hour EMA – a clear sell signal. The next support area to watch is in the range of $0.73 to $0.70. This could be the landing zone for Pi and the nearest target of this Pi price prediction.