Pi Coin Rises 2% Amid Large Withdrawals From OKX

Pi Coin, the cryptocurrency associated with the Pi Network, has shown signs of recovery, rising by 2% today and attempting to break above the crucial $0.50 level. This upward movement comes after a prolonged downtrend that began in May, when the token reached its peak at $1.65.

One of the key events driving this recent price action is a significant transaction. Reports indicate that an individual purchased 2.8 million Pi coins and withdrew them from the OKX exchange. Over the past three days, approximately 12 million Pi coins have been bought and withdrawn from OKX, suggesting a notable shift in market dynamics.

Currently, centralized exchanges hold around 356 million Pi coins, with OKX holding 19.7 million of that total. This large-scale withdrawal from OKX could indicate a growing interest in holding Pi coins outside of exchanges, potentially reducing the supply available for trading and supporting the price.

Looking ahead, July could be a challenging month for Pi Coin. A significant token unlock is scheduled, which will release about 318 million Pi coins (valued at nearly $160 million) into the market. This sudden increase in supply could exert selling pressure and drive prices lower if demand does not increase correspondingly.

Technically, bulls are currently defending the $0.47 support level, while bears are resisting upward movements. Pi Coin briefly crossed above the 20-day moving average (around $0.56) last week but failed to break through the stronger 50-day resistance at $0.66. If Pi Coin can hold above $0.47 and climb back above $0.50, it could target $0.57 and later $0.60. Conversely, if it falls below $0.47, the next downside target would be $0.40.

Amid these market dynamics, Dr. Altcoin highlighted that the so-called GCV group appears to overlook a critical point: the Pi Core Team (PCT) has already sold millions of Pi coins for less than $2 each to fund the $100 million Pi Network Ventures initiative. This action suggests that even the PCT does not endorse the unrealistic price claims made by the GCV group, adding a layer of complexity to the market's sentiment and expectations.