Pi Network Price Forecast: PI hit a crucial crossroads as bullish momentum fades :

Pi Network edges lower to retest crucial support floor, erasing Tuesday's gains.
CEXs’ token balances surge, signaling increased selling ahead of the 10.8 million PI token unlock on Monday.
The technical outlook suggests a surge in bearish momentum, indicating further losses.
Pi Network (PI) edges lower by 2% at press time on Thursday, extending the declining trend to a crucial support floor. An inflow surge of the Centralized Exchanges (CEXs) wallet balances ahead of the 10.8 million PI token unlock signals a rise in selling pressure as traders book profit ahead of the incoming supply spike.

The technical outlook warns of further losses that could test the historical low of $0.40.

CEXs' wallet balances surge ahead of 10.8 million PI token unlock
PiScan data shows a net inflow of 704,237 PI tokens on CEXs' wallet balances so far on Thursday, with Gate.io holding over 194 million PI tokens out of the total 401 million CEXs' wallet balances. Typically, a surge in selling pressure boosts CEXs' balances as traders or the team book profits.

PiScan data indicates that 10.8 million PI tokens will be unlocked next Monday, the highest in the next 30 days, which accounts for a total of 171.25 million PI tokens worth $75.91 million. Typically, a surge in token unlock can fuel the selling pressure as traders may book profits.

Pi Network risks losing $0.43 support floor as bearish momentum surges
Pi Network holds above the $0.4371 support floor that previously acted as the base of a consolidation range, marked by green on the 4-hour price chart. PI struggles to float above this crucial support level with a long shadow candle, while the path of least resistance signals a downside.

A decisive close below the $0.4371 level could test the $0.4204 low marked on July 15 or the $0.4000 support, last tested on June 13.

The Moving Average Convergence Divergence (MACD) drops below the zero line as the red histogram bars intensify, signaling increased bearish momentum.

Still, the Relative Strength Index (RSI) reads 40 on the 4-hour chart, indicating a significant decline in buying pressure. A drop below 30 would indicate overbought conditions in the PI network, potentially increasing the chances of a turnaround.

To renew a bullish run, PI bulls must reclaim the 200-period Exponential Moving Average (EMA) at $0.4950, which could stretch the uptrend to $0.5430.

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