Key takeaways
- Pi Network extends losses on Thursday and could dip lower in the near term.
- The technical outlook for PI is mildly bearish as the short-term support is near $0.1687
Pi Network (PI) is edging lower on Thursday, threatening a potential bearish breakout below the $0.1700 mark.
The rise in selling pressure is likely linked to renewed mainnet migration activity, with over 1 million PI tokens being deposited on centralized exchanges (CEXs), weighing down on the PI token’s price.
CEX deposits surge amid renewed mainnet migration
Pi Network is experiencing increased selling activity as investors transfer their PI tokens to exchanges after completing their Know Your Customer (KYC) verification.
PiScan data reveals that over 36 million PI tokens were migrated to the mainnet in the past four days, coinciding with the 26.20 million PI tokens unlocked from Pi Core Team wallets.
Simultaneously, Pi-supporting exchanges saw an influx of 1.15 million tokens, indicating that large holders are reducing their exposure amid the option for an exit.
Technical outlook: PI risks deeper correction below $0.1700
The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is trading around $0.1700, with a bearish near-term outlook.
The PI token remains well below the 50-period Exponential Moving Average (EMA) at $0.1739 on the 4-hour chart, as well as the 100- and 200-period EMAs, which are clustered between $0.1750 and $0.1767.
These moving averages, combined with the downward trendline, form a dense resistance zone that limits any upward movement.
The price is approaching the May 12 low of $0.1687, which has served as a base for short-term consolidation.
The token is trapped within a descending wedge pattern, indicating that the current structure leans bearish.
Additionally, the Relative Strength Index (RSI) is hovering near 40, slipping below the midline, while the Moving Average Convergence Divergence (MACD) line and its signal line remain marginally below zero, signaling that downside momentum is still in control.
If the bulls regain control, initial resistance lies near the 50-period EMA and the downward trendline break area around $0.1739.
However, if the selloff persists, immediate support is loosely defined around the $0.1700 region, close to the May 12 low at $0.1687.
A clear break below this level could open the door to fresh lows on the 4-hour chart, especially as the broader structure remains capped by the overhead moving averages and trendline resistances.
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