Important requirements
- PI is up about 2% as bulls try to push the price above $0.1500.
- The ongoing activation of tokens may further force the investment.
Bulls look to push PI above $0.1500
Pi Network (PI) has become one of the worst practices among today’s leading companies.
The coin has fallen 12% in the past seven days, underperforming the broader crypto market. However, it bounced back a bit after adding 2% to its value since Monday.
PI is now trading at $0.1507 on Tuesday, thanks to the exit of Centralized Exchanges (CEXs).
Even so, PI may continue to face sales challenges as mainnet migration outpaces CEX withdrawals.
The data obtained from PiScan shows that 2.55 million PI tokens left the exchange in the last 24 hours, a figure that shows the level of buying activity.
Although the exit of CEXs will reduce the selling pressure on PI, it is not enough to get signals of migration.
Migration statistics show that 4.36 million PI tokens were transferred from the testnet to the mainnet on Tuesday, enabling owners to place these unlocked assets on CEXs.
This latest development comes after 7.65 million PI tokens were transferred the previous day.
Will the $0.1500 support level hold?
The 4-hour PI/USD chart remains stable and active despite PI adding 2% to its value in the last 24 hours.
A short-term recovery is unlikely because sales pressures are outpacing demand.
Momentum indicators reinforce this pressure, with the Relative Strength Index (RSI) moving above the oversold area near 34.
The PI’s Moving Average Convergence Divergence (MACD) line on the 4-hour chart also remains slightly negative below the zero line, adding another connection to the bearish story.
If the sellers continue to dominate, the PI may drop below $0.1500 and test the support levels at $0.1440 and $0.1345 soon.
However, if the bulls regain control and push the price above the resistance level of $0.1605, it may allow PI to extend its rally to the EMA of 100 around $0.1684.
