TL;DR

PIs RSI nears oversold levels, suggesting that a price surge could be on the horizon. However, the sharp rise in tokens held on exchanges over the past month may signal incoming sell pressure and hamper the bullish move.

Time for a Pump?

The most recent geopolitical conflict (the one between Israel and Iran) has put the brakes on the crypto markets ascent, which was booming in the past few weeks.

The native token of Pi Network is among the worst-affected altcoins, with its price slipping below $0.40 on June 13 (the lowest mark since early April). Since then, the asset has recovered some of the lost ground and currently trades at around $0.54 (per CoinGeckos data), or a 14% decline on a weekly scale.

PIs Relative Strength Index (RSI) shows that the token might experience a further revival in the short term. The momentum indicator measures the speed and magnitude of recent price changes to identify whether a cryptocurrency is overbought or oversold.

It ranges from 0 to 100, and ratios around 30 or below that level hint at oversold conditions, which could be a precursor to a rally. Anything above 70 is considered bearish territory and might indicate that a pullback is incoming. According to TradingView, PIs current RSI stands at around 32.

PI RSI, Source: TradingView Meanwhile, the cryptocurrency remains the subject of optimistic price predictions. The X user MOON JEFF recently claimed that anyone who sells PI at its ongoing rate might be selling the floor. 

The Bearish Scenario

Conversely, the amount of PI held at crypto exchanges suggests that the bulls might have to suffer further setbacks in the near term. Current data shows that over 346 million tokens are held on trading platforms roughly 82 million more than a month ago.

PI Stored on Exchanges, Source: piscan.io The development suggests that a growing number of holders have moved their assets to centralized platforms, a move typically seen as a pre-sale step. MOON JEFF noted the increased supply on exchanges, saying:

The only consistent thing about $PI is the increasing number of coins in exchanges.

The number now stands at 347.6 million $PI .

The number has been increasing everyday.

Hold your $PI coins ✊ #PiNetwork pic.twitter.com/jgUyRLo0mS