Pi Network Price Forecast: PI eyes further losses as buying pressure declines :

Pi Network edges lower to the $0.43 support level as the lower high streak continues on the 4-hour chart.
An unknown wallet acquires 1.40 million PI tokens, signaling confidence in the network.
The technical outlook indicates an increased downside risk as buying pressure declines.
Pi Network (PI) edges lower by 0.61% at press time on Tuesday following the bullish failure to hold at higher levels on Monday. Amid the pullback to its weekly support of $0.43, an unknown wallet address has acquired 1.40 million PI tokens, advancing its week-long buying spree. Still, the technical outlook remains bearish as the bullish momentum wanes.

Large investor extends the PI tokens buying spree for a week
PiScan data indicates that the “GASWBD...J2AODM” wallet, potentially associated with a large investor, has added over 1.4 million PI tokens from the OK.. exchange. The purchase marks the biggest transaction on the network in the last 24 hours.

It is worth noting that the large investor has acquired over 11 million PI tokens in the last seven days.

PI risks losing the $0.43 support level as buying pressure declines
PI fails to uphold the bullish momentum spark on Monday as overhead selling pressure at the 100-day Exponential Moving Average (EMA) results in the $0.43 support level retest. The support level has remained intact since July 15, avoiding a candlestick close below this level on the 4-hour chart.

If PI falls below this level, it could test the $0.42 level, marked by the low of July 15, followed by the $0.40 psychological level.

The Relative Strength Index (RSI) faces downside as it falls to 42 below the midpoint line, suggesting a decrease in buying pressure.

The Moving Average Convergence Divergence (MACD) is on the verge of closing below the signal line, which would flash a trend reversal and a sell signal.

On the other hand, a reversal above the 200-day EMA could reestablish a bullish trend, targeting the $0.50 psychological level.
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