Pi Network price (PI) has recovered slightly, but selling pressure remains persistent

On Tuesday, Pi Network (PI) experienced a slight increase of 1%, marking a small recovery after hitting a record low of $0.1502 on Monday. In the past 24 hours, Mainnet investors have withdrawn over 4 million PI tokens from centralized exchanges supporting the Pi network, indicating that capital is shifting towards long-term holding. However, the technical outlook for PI remains bleak, with momentum indicators reflecting strong selling pressure.

Limited retail investor demand constrains the decline

Data from PiScan shows that centralized exchanges have reduced their holdings by 4.24 million PI in the past 24 hours, reflecting significant outflows. This suggests strong demand, helping the token price stay above $0.1900 by the end of the day, thereby limiting downward pressure. The stable downward trend in exchange reserves is expected to reduce supply on the market, potentially increasing PI’s recovery prospects in the near future.

Source: PiScan## Technical outlook: Will PI price fall further?

As of Tuesday, the price of PI remains above the $0.1900 threshold, up approximately 30% from Monday’s low of $0.1502. This rebound coincides with large withdrawals from exchanges, helping to prevent a break below the key support level at $0.1919.

Daily PI/USDT chart | Source: TradingView However, the overall trend remains bearish, clearly shown by the 20-day and 50-day Exponential Moving Averages (EMA) pointing downward. Momentum indicators on the daily chart also reflect strong selling pressure. Specifically, the MACD has crossed below zero and the signal line (red), with expanding negative histogram, while RSI hovers around the 30 level, near oversold territory, indicating recent bearish momentum.

If the price closes below $0.1919, the downtrend may continue, with nearest support levels at Pivot S1 at $0.1835 and S2 at $0.1632. Conversely, PI’s recovery is likely to face resistance at the downward-sloping 20-day and 50-day EMAs, at $0.2045 and $0.2116, respectively.

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