Pi Network’s token PI slipped below $0.17 on Monday, extending a slow slide as the asset remains trapped in a consolidation phase. Fresh on-chain data points to growing sell-side activity: PiScan shows roughly 1.92 million PI were moved to centralized exchanges (CEXs) in the last 24 hours, suggesting KYC-verified mainnet users may be offloading holdings. Geopolitics is weighing on risk appetite The broader crypto market’s cautious tone is amplifying pressure on PI. Reports of failed U.S.–Iran talks in Pakistan and a subsequent U.S. blockade of maritime traffic through the Strait of Hormuz have heightened geopolitical uncertainty, pushing investors toward safer assets and prompting liquidation of riskier positions, including PI. Event-driven volatility ahead of Consensus 2026 Market participants are also eyeing Consensus 2026 (CoinDesk, May 5–7). Pi Network co-founder Chengdiao Fan will speak on May 6 about integrating Web3, AI and blockchain for real-world use. That appearance could spark a “buy the hype, sell the news” dynamic—a short-term bump before renewed selling once the spotlight fades. Technical picture: bears remain in control Short-term technicals favor the downside. On the 4-hour chart PI trades below both its 50-day and 100-day EMAs, sitting near $0.18 and $0.1898 respectively. Momentum indicators underline the bearish bias: the RSI is around 44 (below neutral) and the MACD histogram shows slightly negative bars. Key levels to watch - Immediate support: $0.1556 (Feb. 23 low). A break under this level could open the door to further losses. - Near-term resistance/recovery trigger: a move above the 50-day EMA (~$0.18). A daily close above that would be the first sign of a bullish turn and could allow PI to target the 100-day EMA near $0.1898. Bottom line: elevated exchange inflows and a risk-off macro backdrop have PI vulnerable to further downside, though the Consensus appearance could produce short-lived volatility. Traders should watch CEX flows, price action around $0.1556, and whether PI can reclaim the 50-day EMA to gauge the next major move. Read more AI-generated news on: undefined/news