Pi Network Price Holds Above $0.20
Pi Network (PI) trades above the $0.20 level on Monday. The price shows signs of a W-shaped reversal as selling pressure decreases. However, on-chain data shows mixed signals, keeping the market uncertain.
Token Flows Between Exchanges and Foundation Are Balanced
Retail demand for PI tokens on verified centralized exchanges (CEXs) is rising. PiScan data shows a 1.23 million PI token outflow from CEX wallets in the last 24 hours. This is about 0.01% of the total PI supply and 0.29% of the CEX wallet balances, which hold 411.41 million PI tokens.
At the same time, the Pi Foundation’s wallet #2 recorded an outflow of 1.28 million PI tokens. These nearly equal but opposite flows keep the Pi Network price uncertain.
Technical Indicators Show Positive Signs
PI price rose 1% on Monday, marking the third day of gains. The broader crypto market is also recovering. PI is trading between $0.1996 and $0.2295, the opening and closing prices of October 10.
If PI breaks above $0.2295, it could reach the pivot point at $0.2755. The Moving Average Convergence Divergence (MACD) indicator shows bullish momentum after crossing above its signal line on Saturday.
The Relative Strength Index (RSI) is at 31 and moving up from the oversold zone. This suggests bearish pressure is easing.
However, if PI falls below $0.1996, the price could drop to the support level at $0.1731.
