Pi Network (PI) Price Rises Above Key Moving Average
Pi Network’s token (PI) price rose above the 50-day Exponential Moving Average (EMA) of $0.2638 on Monday. This move follows the migration of many users, called Pioneers, to Pi Network’s mainnet. The migration boosted demand for PI tokens, which grew faster than the available supply. The technical outlook suggests the price could keep rising if PI stays above $0.2638.
Centralized Exchange Inflows Lag Behind Demand
Pi Network has seen five days of rising prices. This started after 3.36 million Pioneers completed their KYC (Know Your Customer) verification last week. Out of these, about 2.69 million moved their tokens to the mainnet. The rest still need to finish the mainnet steps.
Usually, mainnet migration increases token supply because verified users can move PI tokens to Centralized Exchanges (CEXs). PiScan data shows CEXs saw 2.02 million PI tokens transferred to their wallets in the last 24 hours. However, strong demand after migration outpaced these inflows, pushing prices higher.
Technical Outlook: Can PI Continue Its Uptrend?
- The PI token is up 25% and trading above the 50-day EMA ($0.2638) as of Monday.
- The token is in a five-day uptrend, targeting $0.3220, which was a support level in late September.
- Holding above the 50-day EMA is crucial for further gains. This average acted as resistance before.
- The Relative Strength Index (RSI) is at 67, showing strong buying but nearing overbought levels.
- The MACD indicator is improving, with rising green bars on the histogram, suggesting more buying momentum.
- If PI falls below $0.2368, it could drop to the $0.1919 support level from October 11.
