Pi Network Risks 20% Drop as 14M Tokens Move Off OKX Exchange
While most major cryptos are up in October’s bull run, Pi Network (PI) is lagging behind. As of Monday, the token was trading at $0.2500...
Quick overview
- Pi Network (PI) is underperforming in October's bull run, trading at $0.2500 with bearish technical indicators.
- The token is below key resistance levels and moving averages, indicating sellers are in control.
- Despite 14 million tokens being withdrawn from exchanges, low demand and thin trading volumes are impacting price strength.
- Analysts predict Pi could drop to the $0.18-$0.15 range unless it breaks above $0.3223.
While most major cryptos are up in October’s bull run, Pi Network (PI) is lagging behind. As of Monday, the token was trading at $0.2500, showing no strength despite recent ecosystem updates and large exchange outflows.
Technical indicators are forming a high-risk bearish flag pattern, a setup that means more downside. The pattern follows a big drop to an all-time low of $0.1838 in September, then consolidation below key resistance levels.
Pi is still below its 50-day and 100-day Exponential Moving Averages (EMAs) — a bearish sign that sellers are in control. It also failed to retest the former support at $0.3223 where a double-bottom was forming.
Key technicals:
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Current price: $0.2500
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Immediate resistance: $0.3223
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Primary support: $0.1838
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Bearish target: $0.1500 if support breaks
If Pi can’t hold above $0.1838 it could drop another 20% to test $0.1500. But if it breaks above $0.3223 it could invalidate this bearish setup and see a short-term bounce.
14 Million Pi Tokens Withdrawn from OKX
Despite the weak price action, on-chain data shows over 14 million Pi tokens were withdrawn from exchanges, mostly from OKX, earlier this week. Typically, this is a bullish sign as holders move tokens to private wallets, meaning long-term confidence.
But this optimism hasn’t translated to price strength. Analysts say while outflows may reduce selling pressure, low demand and thin volumes are still weighing on the price. Pi’s daily volume is still below $30 million, much lower than other top-20 cryptos.
The Core Team recently announced a major update with a Decentralized Exchange (DEX), liquidity pools and Automated Market Maker (AMM) on the testnet — a big step towards a native DeFi ecosystem. Full deployment expected later this year or 2025.
Weak Demand Undermines Bullish Catalysts
Despite the tech, investor interest is low. One reason is that an anonymous whale who had been buying Pi has stopped buying for the last two weeks. Also, daily token unlocks have increased supply, putting more pressure on the market. Without demand, analysts expect Pi to be range bound or down in the short term.
In summary:
While exchange outflows and DeFi developments are good for Pi Network long term, short term is bearish. Unless buying starts above $0.3223, Pi could drop to $0.18-$0.15 zone and cement its underperformance in this bull run.
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