- Pi Network remains bullish above $0.2100 despite short-term profit-taking, with over 3 million tokens deposited on exchanges in 24 hours.
- Market indicators suggest PI could extend its recovery toward $0.22 and beyond ahead of Pi Day on March 14.
Pi Network is maintaining a bullish trajectory after last week’s strong 25% rally, trading above $0.2100 on Monday. Despite short-term profit-taking by retail investors, market indicators suggest that PI could continue its recovery toward key resistance levels ahead of Pi Day on March 14.
Short-Term Profit-Taking Signals
Data from PiScan reveals that over 3 million PI tokens were deposited on centralized exchanges (CEXs) in the last 24 hours, reflecting a phase of profit-booking. Such activity often signals a temporary slowdown in buying pressure as investors secure gains following a sharp price increase. The move comes as retail traders reassess positions, potentially creating a local top in the near term.
However, historical patterns suggest that PI demand tends to rise in the lead-up to major events. Similar behavior was observed a week before the Open Network anniversary on February 20. If this trend repeats, the token may see renewed buying pressure that sustains its price above the psychological $0.20 level through Pi Day.
Technical Outlook Supports Upside Potential
Technically, PI remains above the 100-day EMA at $0.1973, indicating continued bullish sentiment. The coin recovered from a 10% dip on Sunday, demonstrating resilience in the face of short-term profit-taking. Analysts note that breaking the recent high of $0.2396 could open the path toward the 200-day EMA at $0.2854, a critical level for further upside.
Daily chart indicators reinforce the bullish bias. MACD has risen above its signal line, while the RSI sits at 64, close to the overbought threshold. These signals suggest that momentum remains on the upside, albeit with caution, as traders may take profits near resistance levels.
Support Levels to Watch
On the downside, immediate support is at the $0.2000 psychological level, followed by the 100-day EMA at $0.1973 and the 50-day EMA at $0.1813. A sustained hold above these levels would confirm that bullish sentiment remains intact, even amid short-term selling pressure.
With Pi Day approaching, market watchers are closely observing whether PI can maintain its momentum and extend its recovery. If buying pressure persists, the token could see significant gains in the coming week.
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