Key Insights
- PI rose 1% in the past 24 hours, signaling a mild recovery after hitting a new multi-day low of $0.1502 on Monday.
- Selling pressure remains persistent despite the recent modest rebound.
Market sentiment remains bearish despite PI’s recovery
PI, the native token of the Pi Network, gained 1% over the last 24 hours and is currently trading around $0.191 per coin. This uptick occurred even as the broader cryptocurrency market experienced losses in recent hours.
Data from PiScan show that centralized exchange reserves fell by 4.24 million PI tokens, indicating substantial withdrawals over the past day. The decline in exchange balances suggests strong buying interest, helping PI to recover above the $0.19 level.
Will PI reach $0.20 soon?
The PI/USDT 4-hour chart remains largely bearish despite the 1% gain during the last 24 hours. At the time of writing, PI trades at $0.191, roughly 30% above Monday’s low of $0.1502. That recovery aligns with the observed buying pressure and could lift PI’s price in the short term.
A 33 reading on the RSI indicates PI is gradually moving out of oversold territory as buyers step in. However, the MACD lines remain in negative territory, showing that sellers still retain meaningful control.
If the recovery continues and PI breaks through the immediate resistance at $0.1919, the token could move toward the psychological $0.2060 area. A sustained bullish run might push PI back up to last week’s high near $0.2116.
Conversely, a daily close below $0.1919 could force PI to surrender some recent gains and retest support levels at $0.1835 and $0.1632 in the near term.