Pi Network holds near $0.0700 as 593 million PI leave OKX wallet

Exchange outflow

Pi Network's PI token traded around $0.0700 on Thursday, consolidating after an 8% recovery on Tuesday. FXStreet DE Krypto reports that 593 million PI were withdrawn from the OKX exchange wallet on Tuesday, reducing the supply available for sale.

The outlet reads the move as a sign that tokens are concentrating among holders who are not selling. It does not name the destination wallet or say who moved the tokens.

Technical picture

The price remains below a long-term falling trendline near $0.0730, which FXStreet DE Krypto calls the immediate cap on any breakout. PI also trades under its 50-day exponential moving average at $0.0792 and its 200-day EMA at $0.1097.

On the daily chart the Relative Strength Index sits around 36 and the MACD is below zero, which the outlet reads as continued downward pressure. Further resistance is placed at $0.1049, the 50% retracement of a decline from $0.1394, and at the 200-day EMA.

On the downside, the outlet points to the 127.2% Fibonacci extension at $0.0516 as a possible level for buyers if PI falls below the falling trendline. FXStreet DE Krypto states that the technical analysis in its report was produced with an AI tool.