The price of the PI network (PI) is stable in a consolidation phase for the eleventh consecutive day, above the support level of $ 0.2,565. Despite the recent net outings of almost 13 million Pi tokens of centralized exchanges (CEX) in the last 24 hours and the announcement of decentralized financing features (DEFI) on PI Testnet after the Token2049 event, the PI network is struggling to win a traction.
The expansion of challenge of the PI network goes under the radar
The co-founder of Pi Network, Nicolas Kokkalis, reactivated his X account on Friday, publishing the launch of PI decentralized Exchange (DEX), AMM Liquidity Pools and tokest creation tools, which are online on Pi Testnet. This marks the next step in the development of intelligent contracts on the PI network, aligning with the current update of its foundation blockchain, Stellar, in its latest version, Protocol 23.
The launch of these DEFI features widens the PI network utility to the use of the real world, from a mobile mining cryptocurrency. However, its launch of Testnet has failed to raise the feeling of investors, while Pi Price widens its consolidation.
The drop in CEX reserves is struggling to limit the sale pressure
A drop in the CEX portfolio balance indicates a potential decrease in sales pressure, which could promote consolidation or the next potential price wave. Piscan data shows a net output of 12.90 million Pi tokens in the last 24 hours, which represents almost 3% of the 432.63 million PI offer available on CEX.
Cexs portfolio scales. Source: Piscan
However, the majority of tokens maintained, the risk of supply discharge persists. Based on Piscan data, the CEXS portfolio sales represent only 5.24% of the circulating Pi offer, which is 8.24 billion tokens.
PI network data. Source: Piscan
The downward risk is looming on the Pi consolidation phase
PI Network is higher than $ 0.2,600 at the time of the editorial staff on Monday, extending the lateral change after a drop of 6% on September 26. The consolidation phase is threatened with downward release as the tendency and the drop in retail interest.
The technical indicators on the daily graphic suggest a slowdown because the relative resistance index (RSI) at 29 moves flat on the line of occurrence. However, the divergence of the Mobile Average Convergence (MacD) converges with its signal line, offering a bullish perspective in the event of crossing, which would indicate an increase in trendy dynamics.
A potential rebound in PI from the support of $ 0.2,565 could test the summit of the previous week at $ 0.2796, followed by the figure of $ 0.3,000.
PI / USDT Daily price that.
Looking down, if Pi slides below the level of $ 0.2565, it could extend the drop to the round figure of $ 0.2,000.
