• Pi Network extends the decline below $0.1700, amounting to a 4% drop so far this week.
• Pi Foundation offloads over 27 million PI tokens in 24 hours, adding to the supply pressure.
• The technical outlook for Pi Network remains bearish, targeting a critical support zone near the $0.1500 round figure.

Pi Network (PI) edges lower by 2% at press time on Thursday, extending its decline for the fourth consecutive week and targeting the $0.1500 mark. The prevailing selling pressure intensifies as the Pi Foundation offloads more than 27 million PI tokens in the last 24 hours, jeopardizing the chances of a rebound. The technical outlook for PI remains downside-biased amid rising bearish momentum.

Pi Foundation adds to selling pressure

Pi Network’s core team wallets hold over 71 billion PI tokens, out of which 27 million were removed in the last 24 hours, likely adding to the ongoing selling spree. The 27 million tokens were strategically withdrawn from a larger 50 million PI transfer to core team wallets, reducing confidence in the Pi Foundation. A steady outflow from Pi Foundation wallets threatens a steeper correction for PI. 

Pi Network under pressure, gains bearish momentum 

Pi Network trades below $0.1700 on Thursday, extending the broader decline so far this month by roughly 20%. PI remains in support-discovery mode as it approaches the zone between $0.1533 and $0.1502, defined by the October 10 and January 19 lows, respectively. 

Technical indicators on the daily chart reaffirm the bearish bias in trend momentum. The Moving Average Convergence Divergence (MACD) trend remains below the signal line, with negative histogram bars persisting, suggesting steady bearish momentum. Consistent with downside bias, the Relative Strength Index (RSI) at 19 is consolidating deep in the oversold zone, suggesting intense selling pressure.

If PI reverses the downward trend abruptly, it would face headwinds at the support-turned-resistance level at $0.1919, marked by the October 11 low.