Key takeaways
- Pi Network extends losses on Thursday and will dip decrease within the close to time period.
- The technical outlook for PI is mildly bearish because the short-term assist is close to $0.1687
Pi Network (PI) is edging decrease on Thursday, threatening a possible bearish breakout below the $0.1700 mark.
The rise in selling stress is probably going linked to renewed mainnet migration exercise, with over 1 million PI tokens being deposited on centralized exchanges (CEXs), weighing down on the PI token’s worth.
CEX deposits surge amid renewed mainnet migration
Pi Network is experiencing increased selling exercise as buyers switch their PI tokens to exchanges after finishing their Know Your Customer (KYC) verification.
PiScan information reveals that over 36 million PI tokens have been migrated to the mainnet up to now 4 days, coinciding with the 26.20 million PI tokens unlocked from Pi Core Team wallets.
Simultaneously, Pi-supporting exchanges noticed an inflow of 1.15 million tokens, indicating that enormous holders are lowering their publicity amid the choice for an exit.
Technical outlook: PI risks deeper correction below $0.1700
The PI/USD 4-hour chart is bearish and environment friendly. At press time, Pi Network is buying and selling round $0.1700, with a bearish near-term outlook.
The PI token stays nicely below the 50-period Exponential Moving Average (EMA) at $0.1739 on the 4-hour chart, in addition to the 100- and 200-period EMAs, that are clustered between $0.1750 and $0.1767.
These shifting averages, mixed with the downward trendline, kind a dense resistance zone that limits any upward motion.
The worth is approaching the May 12 low of $0.1687, which has served as a base for short-term consolidation.
The token is trapped inside a descending wedge sample, indicating that the present construction leans bearish.
Additionally, the Relative Strength Index (RSI) is hovering close to 40, slipping below the midline, whereas the Moving Average Convergence Divergence (MACD) line and its sign line stay marginally below zero, signaling that draw back momentum remains to be in management.
If the bulls regain management, preliminary resistance lies close to the 50-period EMA and the downward trendline break space round $0.1739.
However, if the selloff persists, instant assist is loosely outlined across the $0.1700 area, near the May 12 low at $0.1687.
A transparent break below this degree may open the door to contemporary lows on the 4-hour chart, particularly because the broader construction stays capped by the overhead shifting averages and trendline resistances.
