Pi Network Price and Market Activity
Pi Network (PI) is trading above $0.2100 as of Wednesday. It lost 5.49% on Tuesday. Despite the downtrend, data shows strong support from large wallet holders and retail traders. However, technical analysis suggests bearish momentum may increase soon.
Exchange Supply and Large Wallet Moves
Data from PiScan reveals a net outflow of 2.30 million PI tokens from Centralized Exchanges (CEXs) in the past 24 hours. This cuts CEX supply by 0.55%, easing selling pressures.
The sixth-largest wallet bought 2.77 million PI tokens, raising its total to over 371 million tokens. This was the biggest transaction in the last day and could boost trader confidence. This buyer has increased holdings for five days straight.
Lower supply on exchanges and ongoing accumulation by large investors may help Pi Network recover soon.
Technical Outlook and Key Levels
Pi Network rose over 2% on Wednesday, recovering from a low of $0.2063 earlier in the day. The price targets the 50-day Exponential Moving Average (EMA) at $0.2555, a key resistance level tested four times last week.
A daily close above $0.2555 could push the price towards $0.3220, the low recorded on August 1.
Technical indicators show weakening buying pressure. The Relative Strength Index (RSI) stands at 42, between neutral and oversold. The Moving Average Convergence Divergence (MACD) is near a signal line crossover, which may increase bearish momentum.
On the downside, strong support is at $0.1919, the low from October 11.
