Pi Network Holds Key Support After Mainnet Migration
Pi Network (PI) kept steady near its 50-period Exponential Moving Average (EMA) on the 4-hour chart on Friday. This followed a breakout above a local resistance trendline. The move came as 2.7 million Pi users, called Pioneers, moved their tokens to the mainnet. More users moving tokens suggests growing interest in Pi Network. Over the last 24 hours, more than 1.17 million PI tokens left Centralized Exchange (CEX) wallets, signaling higher demand.
Mainnet Migration and KYC Verification Drive Pi Token Demand
Pi Network announced that 3.36 million additional Pioneers passed Know Your Customer (KYC) checks. This led to a 3% rise in the PI token price on Thursday. KYC approval lets Pioneers move PI tokens from testnet to mainnet.
Of the verified users, 2.69 million have already migrated to the mainnet. Another 3 million users are in a tentative KYC stage and may face extra face verification before final approval.
The growing mainnet user base may speed up the network’s adoption. Data from PiScan shows the four largest recent transactions were withdrawals of over 400,000 PI from OKX exchange. Total outflow from CEX wallets hit 1.17 million PI tokens. This reduces token supply on exchanges and may boost the price.
Technical Outlook: Pi Network Faces Key Resistance Levels
Pi Network broke above a descending triangle pattern and local resistance on the 4-hour chart. However, it faces resistance at the 50-period EMA, currently near $0.2062. A strong close above this could see resistance near the Pivot Point at $0.2086, then the R1 Pivot at $0.2249.
Technical indicators show improvement. The MACD is moving up toward zero after crossing its signal line. The RSI is neutral around 50, moving away from oversold levels. This suggests bears are losing control.
If the price reverses at the 50-period EMA, it may retest support near $0.1919, the low from October 11, which could invalidate the recent breakout.
