Despite the optimistic sentiment within the Pi Network community, trading data and technical analysis indicate increasing bearish pressure on the PI market.
Market Overview of PI
The price of PI has barely changed, hovering around $0.456. The overall market sentiment remains bullish; however, technical charts exhibit signals of rising bearish pressure, with increasing exchange reserves and a buildup of short positions.
Whale Activity and Reserves
In the last two months, PI reserves on exchanges have increased by over 40%. This suggests that large holders are moving coins to centralized exchanges, likely preparing to sell, which supports a bearish outlook.
Bearish Sentiment Among Traders
Currently, PI is experiencing negative funding rates in futures markets, indicating a dominance of short positions. Traders expect further downside. The Elder Ray Index also shows a weak struggle between buyers and sellers, with bears gaining the edge.
In conclusion, the current conditions in the PI market present mixed signals with increasing bearish pressure. Until key resistance and support levels are breached, the market may continue in a sideways movement.
