On May 23, 2025, Pi Coin (PIUSDT) shows a bearish flag pattern on the 1-hour chart.
A bearish flag pattern forms when a sharp price drop, called the flagpole, is followed by a brief upward consolidation inside parallel trendlines, resembling a flag. This setup often signals continuation to the downside.
The chart confirms this structure after a steep fall on May 16. Since then, price has climbed in a narrow ascending channel, marked by two red trendlines.
At the same time, the 50-period Exponential Moving Average (EMA) now sits above the price at $0.8114, acting as resistance. Meanwhile, the Relative Strength Index (RSI) reads 41.57, showing weakening buying strength.
If the bearish flag confirms with a breakdown below the lower red trendline, PIUSDT could drop 28% from its current level of $0.8079. That places the downside target at approximately $0.5814, which aligns with the previous low shown on the chart.
Pi Coin DMI Shows Bullish Momentum as Sellers Retreat
On May 21, Pi Coin’s Directional Movement Index (DMI) signals rising trend strength. The Average Directional Index (ADX), which tracks trend momentum, increased from 12.46 to 16.60 within a day. This rise points to a developing trend. When ADX exceeds 20, analysts often consider the movement more reliable.
At the same time, the Positive Directional Indicator (+DI), which reflects bullish strength, climbed to 25.98. It moved up from 20.14 yesterday but cooled slightly from today’s earlier high of 29.15. Meanwhile, the Negative Directional Indicator (−DI), which measures bearish pressure, dropped to 14.45 from 20.84.
This widening gap between +DI and −DI suggests bulls are gaining ground as sellers lose momentum. If ADX continues climbing past 20, Pi Coin could enter a stronger uptrend supported by increased buying pressure.
Chaikin Money Flow Turns Negative After Failing to Hold Breakout
On May 21, Pi Coin’s Chaikin Money Flow (CMF) dropped to -0.03 after briefly rising above zero. The Chaikin Money Flow is a volume-weighted oscillator that gauges market sentiment by tracking capital inflows and outflows. Values above zero reflect buying pressure, while values below zero show selling pressure.
Two days earlier, CMF stood at -0.17. It climbed to +0.09 on May 20, showing short-lived accumulation. However, the current dip back below the zero line signals that buyers have not yet taken control. Although the drop is minor, it reflects hesitation in sustaining bullish momentum.
For sustained upside, the CMF must return to positive territory and remain there. Until then, this near-zero reading suggests indecision and fading buyer strength after the latest rally.
Vietnam Dominates Pi Network’s Node Infrastructure
Mennwhile, as of May 22, 2025, Vietnam hosts 154 out of Pi Network’s 319 global nodes, accounting for 48.2% of the total. At the same time, 33 of the 76 connected nodes also operate from Vietnam, according to Piscan.
The network only has two validator nodes—both controlled by the Pi Network core team. This setup raises concerns over centralization, fairness, and long-term network resilience.
Vietnam’s legal stance complicates the issue further. Local laws do not recognize Pi Coin as a legal payment method. Users could face fines ranging from 50 million to 100 million Vietnamese dong or criminal charges under Decree 88/2019 and Decree 143/2021. In 2023, Vietnamese authorities also launched an investigation into Pi Network’s operations.
Core Team Controls Over 60% of Pi Supply
According to Piscan, the Pi Foundation currently holds over 60.7 billion Pi coins out of the 100 billion total supply. This level of control contradicts the decentralized image the project promotes.
The Vietnamese Ministry of Finance has also proposed restricting cryptocurrency custody to licensed institutions, a move that could limit local miner activity and further affect Pi Network’s infrastructure.
Community concerns continue to grow. A recent Reddit post stated that as long as the team holds a large share of the supply, decentralization remains out of reach.
Alleged Insider Dumping and User Losses Trigger Fresh Criticism of Pi Network
A new investigation by crypto analyst Atlas has intensified concerns over Pi Network’s transparency and internal practices. Atlas highlighted a major transaction involving 12 million PI tokens, traced to wallet address GABT7EMP. The wallet allegedly links to the Pi Network core team.
Source: X
This transfer occurred at the token’s price peak, just before a downturn, prompting suspicions of insider activity. According to Atlas, the same wallet recorded large outflows precisely when the market began showing weakness.
Community researcher Dr. Picoin backed these findings, stating that the wallet’s timing and transaction volume indicated potential core team involvement. The coordinated nature of the movement has led to accusations of a pump-and-dump scheme, further fueling doubts around the project’s commitment to decentralization and fair token distribution.
Source: X
Long-Time Users Describe Fund Losses and Locked Wallets
Beyond technical data, user reports reveal growing frustration and loss. One early user said they woke up to find their entire PI balance missing.
“The tokens were transferred to a wallet I didn’t recognize,”
“I never shared access, never approved anything. Support only replied with automated messages.”
This user had participated in the network since its early days and now claims they were left without recourse or recovery options.
Another long-time user shared that they began mining Pi in 2019, investing five years of effort. When the mainnet launched, they couldn’t access their balance.
“They promised a fair launch and long-term rewards. But now I can’t withdraw anything,”
“They just kept repeating that we needed to wait. Meanwhile, it feels like they used us to grow the project, then locked us out.”
Together, these accounts add human context to the data-driven allegations. The pattern of missing funds, inactive wallets, and lack of support raises serious questions about user protection. Atlas and Picoin’s findings suggest that not only does the core team control a majority of the supply, but they may also be engaging in practices that compromise user trust.
As scrutiny deepens, the Pi Network faces mounting pressure to clarify its token flows, wallet control, and response policies. These emerging concerns now add to earlier criticism of centralization, validator control, and regulatory risk.
