• Pi Network shows muted consolidation above $0.1600 on Monday as downside risk persists.
• Investor confidence weakens as CEXs record roughly 2 million PI tokens in inflows over the past 24 hours, suggesting a near-term sell-off.
• The technical outlook for PI is bearish, pointing a path of least resistance toward $0.1556. 

Pi Network (PI) trades below $0.1700 at press time on Monday, gradually losing ground amid a consolidation phase. Centralized Exchanges (CEXs) recorded roughly 2 million PI tokens in deposits over the last 24 hours, suggesting a sell-off amid a broader risk-off sentiment in the cryptocurrency market. The lack of catalysts for the PI token risks an extended decline toward the immediate support at $0.1556.

Pi Network weakens amid persistent selling 

Pi Network remains under selling pressure amid the broader market risk-off sentiment linked to the US and Iran not reaching a deal to end the war in their direct peace talks in Pakistan. The failed negotiations between the two countries have led to a US-led blockade of all maritime traffic passing through the Strait of Hormuz.

PiScan data shows 1.92 million PI tokens were deposited on CEXs over the last 24 hours, suggesting that the Know-Your-Customer (KYC) verified mainnet users are trimming their holdings.

The lack of catalysts for the PI token adds to the selling pressure as Pi Network shows significant community support despite the lack of clarity over KYC, tokenomics, and roadmaps. The upcoming Consensus 2026 event by CoinDesk on May 5-7 could provide a boost, as Pi Network Co-founder Chengdiao Fan is scheduled to give a 20-minute talk on May 6 titled “Aligning web3, AI, and blockchain for utility.”

Typically, the spot price follows a “buy the hype, sell the news” pattern ahead of such talks, suggesting a positive rally could occur days before the event, followed by a sell-off.

Is Pi Network doomed for an extended correction?

Pi Network maintains a bearish near-term bias as price consolidates below the 50-day and 100-day Exponential Moving Averages (EMAs) at $0.1800 and $0.1898, respectively.

The Relative Strength Index (RSI) on the daily chart hovers below the midline near 41, suggesting a bearish trend. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram bars on the same chart remain marginally negative, while the MACD and signal line move closer, hinting at persistent but not yet exhausted downside pressure.

On the downside, the closest meaningful support comes at the February 23 low at $0.1556. A failure to bounce back from this level would keep the PI token vulnerable to further declines within the prevailing downbeat setup.

On the topside, initial resistance is seen at the 50-day EMA at $0.1800, with a stronger barrier higher at the 100-day EMA around $0.1898, which would need to be reclaimed to ease the broader bearish tone.

(The technical analysis of this story was written with the help of an AI tool.)