The reason why Pi coin struggles to break through 0.50 USD has been found: 2 Whales sold a large amount of their holdings for strategic reallocation.

Pi Network (PI) is struggling to break through $0.50, with long positions unable to firmly defend the upward trend. On-chain data shows that 2 Whales transferred a large amount of holdings to other exchanges during the short-term recovery, and analysis suggests that this may be a selling behavior for strategic reallocation.

The PiScan data for the past 24 hours shows that there were two high-value transactions, with a total of 599,999 Pi coins transferred from one exchange to Gate and other exchanges.

Another Whale also deposited 404,999 Pi coins to Gate exchange.

The outflow of funds from 2 Whales indicates that Pi may be dumped or strategically redistributed.

PiScan data shows that the largest transaction in the past 24 hours was the withdrawal of 2.91 million Pi coins from the exchange to the "GASWBD…J2AODM" wallet, valued at 1.41 million USD. Typically, such a large-scale withdrawal reflects the confidence of Whale users. However, this is clearly not reflected in the price.

The target of Pi coin is to break through 0.50 USD

Pi coin broke through the consolidation range, testing the 200-period Exponential Moving Average (EMA) on the 4-hour chart, reporting at 0.4994 USD. Pi coin set a 24-hour high of 0.5215 USD but failed to close above the 200-period EMA, resulting in a slight pullback.

If Pi successfully surpasses the 200-period EMA, it may extend the upward trend to the $0.5223 level marked by the low on June 18.

The 50-period moving average is about to cross above the 100-period moving average, which is typically referred to as a bullish crossover. Since the short-term upward momentum exceeds the medium-term trend, cautious investors can view this as a buy signal.

The Moving Average Convergence Divergence (MACD) and its signal line cross above the zero line. The green histogram reappears from the same line, indicating an increase in bullish momentum.

The relative strength index (RSI) on the 4-hour chart is 68, still above the middle line, indicating increasing bullish momentum in short-term trading activity.

The downside is that if the Pi coin fails to hold above the 100-period EMA of 0.4656, it may extend the downtrend to the 50-period EMA of 0.4551.

(Source: Trading View)