Required containers
- PI has risen by 2% in the last 24 hours and keeps its price above $0.1500.
- Strong signals indicate a possible recovery in the near future.
Pi Network trades slightly above $0.1500 on Friday as the recent data exchange is a bit choppy.
While the indicator continues to face resistance near $0.1550, the gradual decrease in sales and the growth of CEX outflows support the short-term analysis.
CEX generates the demand for PI
A drop in the tokens’ scales on Centralized Exchanges (CEXs) is usually seen as a good sign, as it indicates that investors are moving assets into private wallets rather than planning to sell them.
According to PiScan dataAbout 400,000 PI tokens were withdrawn from the exchange in the last 24 hours.
A steady reduction in exchange reserves may indicate a short-term re-demand and may help support the Pi Network’s resumption of efforts if this trend continues.
Technical analysis of PI: PI is facing major resistance near $0.1550
The PI/USD 4-hour chart will remain stable despite today’s uptrend. At the time of writing, PI is trading at around $0.1536, remaining below the 50-period Exponential Moving Average (EMA) at $0.1573 and the 200-period EMA at $0.1680.
For the bullish trend to be strong, the PI must break above the $0.1550 resistance zone and retrace the 50-time EMA. A successful breakout would pave the way to the 200-time EMA near $0.1680.
Technical indicators suggest that the market may lose momentum in the short term. The Moving Average Convergence Divergence (MACD) indicator and its signal line continue to rise, although both remain below zero. This indicates a potential recovery within a bearish pattern.
Meanwhile, the Relative Strength Index (RSI) is hovering near the 50 neutral level, indicating a positive trend as downward pressure gradually eases.
If the bearish trend returns, immediate support emerges on Tuesday at the low price of $0.1463. A break below this level would expose PI to further weakness and retest its all-time low near $0.1310.
As long as the support is active and the exchange rate continues to fall, traders can watch for signs of a strong breakout above the $0.1550 zone.
