Pi Network Price Surpasses $0.26 Amid Possible Breakout
Pi Network (PI) is trading above $0.26 as of Wednesday. The price moved above the 50-day Exponential Moving Average (EMA) at $0.2618. This rise hints at a possible breakout. However, nearly 120 million PI tokens will unlock in November. Also, more tokens are flowing into centralized exchanges (CEXs), which could create selling pressure.
Centralized Exchange Inflows and Token Unlocks Raise Supply Concerns
- CEXs have seen a rise in PI token reserves recently. PiScan data shows CEX wallets gained 6.28 million PI in the last 24 hours. Total CEX holdings now stand at 419.94 million PI.
- This increase follows a recent mainnet migration of 2.69 million users. The migration allowed token transfers to CEXs.
- According to PiScan, 119.93 million PI tokens will unlock in November. This large token release may increase supply pressure on the market.
- Both growing inflows into CEXs and upcoming token unlocks could slow the PI token’s recent recovery.
Technical Outlook Suggests Potential for Further Gains
Trading above the 50-day EMA at $0.2618 suggests Pi Network may break above recent resistance. If PI closes above this level, the price could rise to $0.3220. This target corresponds to the low seen on August 1.
Technical indicators show rising buying momentum. The Relative Strength Index (RSI) is at 65, nearing the overbought zone. The Moving Average Convergence Divergence (MACD) is also moving up, aiming to turn positive. These signs point to growing bullish sentiment.
If the price fails to hold above the 50-day EMA, it could fall back to $0.1919. This level aligns with the low recorded on October 11.
