- Pi Network trades above $0.20, showing early signs of a W-shaped trend reversal as selling pressure eases.
- Mixed on-chain flows keep the token’s outlook uncertain despite renewed bullish signals from technical indicators.
Pi Network (PI) is showing early signs of a trend reversal as selling pressure eases, trading above the $0.20 psychological level. After forming a W-shaped pattern, the token appears ready for a potential upswing, although mixed on-chain signals keep traders cautious.
On-Chain Flows Signal Mixed Sentiment
Retail demand for PI is rising on Know Your Business (KYB) verified centralized exchanges (CEXs). PiScan data shows a 24-hour outflow of 1.23 million PI tokens from CEX wallets, representing 0.29% of their total balances. At the same time, the Pi Foundation wallet #2 also recorded a near-equal outflow of 1.28 million PI tokens.
The nearly mirrored movements between exchange wallets and the Foundation create a delicate balance, leaving PI on the edge between potential recovery and further decline.
Technical Indicators Point to Bullish Momentum
Technically, Pi Network shows optimism. The token has ticked higher by 1% for three consecutive days, consolidating between $0.1996 and $0.2295. A breakout above $0.2295 could confirm the W-shaped reversal pattern, targeting the pivot level at $0.2755.
The MACD indicator confirms renewed bullish momentum after a crossover on Saturday, signaling that bears are losing grip on the trend. Meanwhile, the Relative Strength Index (RSI) rose from 31 in the oversold zone, indicating diminishing bearish pressure and strengthening the potential for an upward run.
Pi Network Key Levels to Watch
If Pi Network sustains above $0.1996, the next target could reach $0.2755, offering traders a significant upside. Conversely, failure to hold this support could push PI down toward the S1 pivot point at $0.1731, reflecting continued caution in market sentiment.
As Pi Network continues expanding into Web3 use cases, the interplay between technical indicators and on-chain flows will remain critical for predicting its next move.
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