- Pi Network holds above $0.20 as exchange outflows indicate reduced selling pressure and potential stabilization.
- Technical indicators suggest a possible recovery if PI surpasses $0.2295.
Pi Network (PI) continues to trade above the $0.20 level, showing limited movement amid broader market volatility. While recent price action has struggled to sustain gains from last weekend, technical indicators and exchange trends hint at waning selling pressure and a possible stabilization phase for the mobile-mined cryptocurrency.
Exchange Outflows Highlight Buying Dominance
Data from Pi Network’s centralized exchanges (CEXs) reveals a net outflow of 2.58 million PI tokens in the last 24 hours. Typically, when tokens leave exchange wallets, it indicates reduced selling pressure and a tilt toward holding, suggesting that off-exchange transactions may be absorbing supply.
Despite the small number of CEXs listing PI, demand remains steady on these platforms. According to PiScan, most PI tokens are held off-exchange, making supply tracking challenging. The current correction phase appears driven largely by off-exchange sell-offs, while inflows to CEXs remain minimal.
Technical Outlook Signals Stabilization
After three consecutive days of losses, PI edges higher by 1% as it maintains the psychological $0.20 support level. The token has been moving sideways within a range of $0.1996 to $0.2295 since October 10, offering a buffer against further declines. A decisive break below $0.1996 could target the S1 Pivot Point at $0.1731, marking a deeper correction.
Technical indicators provide cautious optimism for recovery. The MACD shows convergence with its signal line, signaling declining selling pressure. A potential crossover could hint at an uptick in bullish strength. Meanwhile, the Relative Strength Index (RSI) sits at 29, recovering from oversold conditions and suggesting that downward momentum may be reaching exhaustion.
Recovery Levels to Watch
For a meaningful rebound, PI needs to surpass the $0.2295 level, which could pave the way for a move toward the center Pivot Point at $0.2755. Sustained buying and limited selling pressure on exchanges will be critical to supporting this recovery trajectory.
With exchange outflows continuing and technical indicators stabilizing, Pi Network may be entering a consolidation phase, giving investors an opportunity to reassess their positions as the market seeks direction.
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