Key takeaways
- PI is up by nearly 2% as bulls attempt to push the price above $0.1500.
- The ongoing token unlock could still put further pressure on the coin.
Bulls look to push PI above $0.1500
Pi Network (PI) has been one of the worst performers among the leading cryptocurrencies in recent days.
The coin is down 12% in the last seven days, underperforming compared to the broader crypto market. However, it has slightly bounced back after adding 2% to its value since Monday.
PI is now trading at $0.1507 on Tuesday, thanks to the outflows from Centralized Exchanges (CEXs).
Despite that, PI could continue to face selling pressure as the mainnet migration surpasses CEX withdrawals.
Data obtained from PiScan reveals that 2.55 million PI tokens left exchanges over the last 24 hours, a figure that typically signals a surge in buying activity.
While the outflow to CEXs will reduce selling pressure on PI, it is still not enough to absorb the migration tokens.
Migration statistics reveal that 4.36 million PI tokens were transferred from testnet to mainnet on Tuesday, enabling holders to deposit this unlocked supply on CEXs.
This latest development comes after 7.65 million PI tokens were migrated on the previous day.
Will the $0.1500 support level hold?
The PI/USD 4-hour chart remains bearish and efficient despite PI adding 2% to its value in the last 24 hours.
The short-term recovery might not hold as the selling pressure is currently outweighing the demand.
Momentum indicators reinforce this pressure, with the Relative Strength Index (RSI) hovering just above oversold territory near 34.
PI’s Moving Average Convergence Divergence (MACD) line on the 4-hour chart also remains slightly negative below the zero line, adding further confluence to the bearish narrative.
If the sellers continue to dominate, PI could drop below the $0.1500 and test the support levels at $0.1440 and $0.1345 in the near term.
However, if the bulls regain control and push the price above the $0.1605 resistance level, it could allow PI to extend its rally towards the 100-period EMA at roughly $0.1684.
