Pi Network Price Forecast: PI rebounds slightly but selling pressure persists
Pi Network recovers 1% on Tuesday from a key support level after a 4% drop on Monday.
PiScan data shows over 4 million PI token withdrawals in 24 hours, reflecting a retail attempt to protect against downside.
Technically, the PI token remains under intense selling pressure, flipping the momentum bearish and risking further losses.
Pi Network (PI) edges higher by 1% at press time on Tuesday, signaling a minor recovery after recording a fresh record low of $0.1502 on Monday. Mainnet holders have withdrawn over 4 million PI tokens from centralized exchanges supporting Pi Network over the last 24 hours. The technical outlook for PI remains bearish as momentum indicators signal intense selling pressure.
Retail demand caps the downside
PiScan data shows that the reserves of centralized exchanges have decreased by 4.24 million PI tokens, indicating large withdrawals over the last 24 hours. This reflects strong buying, which capped the downside with a daily close above $0.1900. A steady decline in the exchange reserve would limit supply pressure, increasing the likelihood of a rebound for the PI token.
Technical outlook: Will the PI token price crash further?
Pi Network holds above $0.1900 at the time of writing on Tuesday, roughly 30% up from Monday’s low at $0.1502. This rebound aligns with the large exchange withdrawals and avoids a breakdown at the $0.1919 support level.
The downward-sloping 20-day and 50-day Exponential Moving Averages (EMAs) reflect a prevailing downtrend.
Additionally, the momentum indicators on the daily chart suggest intense bearish momentum. The Moving Average Convergence Divergence (MACD) flips downside from the zero line, crossing the red line with a widening negative histogram. The Relative Strength Index (RSI) is at 30, hovering around the oversold boundary and consistent with the recent drop.
A daily close below $0.1919 could extend the bearish trend, with support levels at the S1 and S2 Pivot Points at $0.1835 and $0.1632, respectively.
However, a rebound in PI could face opposition at the declining 20-day and 50-day EMAs at $0.2045 and $0.2116, respectively.
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