Key takeaways
- PI has risen nearly 2% as buyers try to lift the price above $0.1500.
- An ongoing token unlock and mainnet migration may continue to exert downward pressure on the coin.
Bulls attempt to push PI above $0.1500
Pi Network (PI) has been among the weaker performers within the top cryptocurrencies this week. The token has lost about 12% over the past seven days, lagging the broader market, but it has recovered slightly with a near 2% gain since Monday.
As of Tuesday, PI is trading around $0.1507, supported in part by outflows from centralized exchanges (CEXs). However, selling pressure may persist because the ongoing mainnet migration is moving more tokens than exchanges have been able to absorb.
On-chain data from PiScan shows roughly 2.55 million PI tokens left exchanges in the past 24 hours, a move that often indicates buying interest. Despite these outflows easing immediate exchange-based supply, they are not sufficient to soak up the newly migrated tokens.
Migration records indicate about 4.36 million PI were transferred from testnet to mainnet on Tuesday, enabling holders to deposit this newly unlocked supply onto exchanges. This follows a prior-day migration of roughly 7.65 million PI.
Will the $0.1500 support level hold?
The PI/USD 4-hour chart still shows a bearish bias despite the recent short-term bounce. Selling pressure currently appears to outweigh buying demand, which may limit how long the recovery can last.
Momentum indicators add to the cautionary view: the Relative Strength Index (RSI) sits just above the oversold threshold near 34, and the Moving Average Convergence Divergence (MACD) line on the 4-hour timeframe remains slightly below zero, reinforcing the bearish outlook.
If sellers keep control, PI could slip below $0.1500 and test nearby support levels at $0.1440 and $0.1345. Conversely, if buyers regain momentum and push PI above resistance at $0.1605, the token could extend its rally toward the 100-period EMA near $0.1684.