Key takeaways
- The PI rose by 2% in the last 24 hours and maintained its value above $0.1500.
- Momentum indicators point to a possible recovery in the near term.
Pi Network is trading steady above $0.1500 on Friday as recent exchange data indicates moderate accumulation activity.
While the token still faces resistance near $0.1550, declining selling pressure and increasing CEX outflows support a cautiously bullish outlook in the short-term.
CEX flows indicate growing demand for PI
Declining token balances on centralized exchanges (CEXs) is often seen as a positive sign, as it indicates that investors are moving assets into private wallets rather than preparing to sell.
according to BISCAN dataNearly 400,000 PI tokens were withdrawn from exchanges in the past 24 hours.
A steady decline in exchange reserves may indicate renewed demand in the short term and could help fuel Pi Network’s next recovery attempt if this trend continues.
PI Technical Analysis: PI is facing major resistance near $0.1550
The 4-hour PI/USD chart remains bearish despite today’s positive performance. At the time of writing, the PI is trading at $0.1536, and remains below the 50-period Exponential Moving Average (EMA) at $0.1573 and the 200-period EMA at $0.1680.
To strengthen the bullish momentum, the PI should break above the $0.1550 resistance area and reclaim the 50-period moving average. A successful breakout could pave the way for a move towards the 200 period moving average near $0.1680.
Technical indicators indicate that sellers may lose control in the short term. The Moving Average Convergence Divergence (MACD) indicator and its signal line continue to trend upward, although both remain below the zero line. This indicates a potential recovery phase within a broader bearish structure.
Meanwhile, the Relative Strength Index (RSI) is hovering near the neutral 50 level, indicating balanced momentum as downward pressure gradually fades.
If the downtrend returns, immediate support will be seen at Tuesday’s low at $0.1463. A break below this level could expose the PI to further weakness and possibly a retest of its all-time low near $0.1310.
As long as support holds and exchange reserves continue to decline, traders may continue to watch for signs of an upward breakout above the $0.1550 resistance area.
