Pi Network Price Forecast: PI rebounds after eight-day decline, bearish outlook remains intact

Pi Network ticks higher by almost 2% on Monday after eight consecutive days of decline.
The Pi Foundation offloads over 1.1 million tokens, while the largest transactions on the network show a 2.4 million PI deposit to Banxa.
The technical outlook for PI remains bearish, ignoring the intraday recovery.

Pi Network (PI) edges higher by almost 2% at press time on Monday, after a steady decline for eight straight days. Still, the Pi Foundation’s 1.1 million token offloading amid large deposits of over 2.4 million PI into accounts linked to Banxa, a payment gateway, could exert some selling pressure. The technical outlook for PI is bearish, with focus on the $0.1919 support level.

Is Pi Foundation selling PI tokens?

PiScan data shows that the Pi Foundation wallet #4 has offloaded 1.13 million PI tokens in the last 24 hours, indicating low confidence among the core team wallets.

PI core team wallets balance. Source: PiScan.

Apart from those, three other wallets transferred over 2.40 million PI tokens to addresses linked to Banxa, a payment gateway that offers an off-ramp for PI, marking the largest transactions in the last 24 hours. It's important to note that these three wallets were created by the previously mentioned Pi Foundation wallet #4 as a potential subsidiary, which implies that a sell-off by the Pi core team is possible.

Pi Network's largest transactions. Source: PiScan

Pi Network holds at key support with minor recovery

Pi Network trades near the $0.2000 psychological level at press time on Monday. The intraday rise of almost 2% marks a fresh start to the week, after eight straight days of downward trend.

The October 11 low at $0.1919 serves as the immediate support for PI, which has provided three rebounds in October. A potential rebound in PI could aim for the 50-day Exponential Moving Average (EMA) at $0.2319.

Still, the technical indicators on the daily chart suggest PI lacks bullish momentum. The Relative Strength Index (RSI) is at 36, up from the oversold zone, but remains in bearish territory.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, indicating strong bearish pressure.