Key takeaways
- Pi Network extended losses on Thursday and may fall further in the near term.
- The technical outlook for PI is mildly bearish, with short-term support near $0.1687.
Pi Network (PI) slipped lower on Thursday and is testing critical levels around $0.17. Increased selling pressure from recent mainnet activity and token transfers to exchanges has weighed on the price, raising the risk of a deeper correction if support fails to hold.
CEX deposits rise amid renewed mainnet migration
Selling intensified as many holders completed Know Your Customer (KYC) checks and moved tokens to centralized exchanges. On-chain data from PiScan shows more than 36 million PI migrated to the mainnet over the last four days. During the same period, roughly 26.2 million PI were unlocked from Pi Core Team wallets.
Exchanges that support PI recorded inflows of about 1.15 million tokens, suggesting that some larger holders are reducing exposure now that exits are more accessible. This increased supply on exchange order books has added short-term downward pressure on price.
Technical outlook: PI risks deeper correction below $0.1700
The 4-hour PI/USD chart looks bearish. At the time of writing PI trades near $0.17 and sits below key moving averages, which act as resistance. Short-term technical indicators point to continued downside momentum unless bulls can regain control.
PI is trading beneath the 50-period exponential moving average (EMA) at approximately $0.1739 on the 4-hour timeframe, and also below the 100- and 200-period EMAs clustered between $0.1750 and $0.1767. Those moving averages, together with a descending trendline, create a tight resistance band that could limit any upward attempts.
Price is approaching the May 12 low at $0.1687, a level that has provided short-term consolidation support. The token is contained within a descending wedge structure that currently favors the downside.
Momentum indicators reinforce the cautious view: the Relative Strength Index (RSI) sits near 40, below the neutral 50 line, while the MACD and its signal line remain slightly below zero. These readings signal that sellers retain the advantage.
If bulls push back, initial resistance is likely to form around the 50-period EMA and the area of the descending trendline near $0.1739. A successful break and sustained trade above those levels would be needed to shift the short-term outlook toward neutral or bullish.
On the downside, immediate support is clustered around the $0.1700 area and the May 12 low at $0.1687. A decisive break below that floor on the 4-hour chart could open the path to lower levels, particularly while overhead moving averages and the descending trendline continue to cap rallies.
In summary, renewed mainnet migrations and increased exchange inflows have heightened selling pressure on PI. Technicals favor the bears for now, with a clear break under $0.1687 likely to extend the correction, while a recovery above the 50-period EMA and the trendline would be required to restore bullish momentum.