Pi Network (PI) maintains its recovery momentum amid a market under pressure

Pi Network (PI) is fluctuating around $0.1700 at the time of recording on Tuesday’s trading session, approaching the 50-day exponential moving average (EMA) at $0.1767. Notably, within just 24 hours, approximately 2.90 million PI tokens have been transferred to centralized exchanges (CEX) — a signal indicating many investors are taking profits after the recent rebound.

From a technical perspective, PI’s upward momentum is facing significant pressure and risks reversing as it approaches the 50-day EMA, especially in the context of the mandatory node upgrade recently approved on Sunday.

Investors withdraw after the mainnet upgrade deadline

Data from Piscan shows that in the past 24 hours, about 2.89 million PI tokens have been transferred to verified Know Your Business (KYB) CEX accounts. Typically, such a surge in inflows to exchanges reflects investor profit-taking amid a short-term price recovery. This sudden loss of confidence highlights the risk of forming a local top, especially as Pi Network quickly dropped below $0.18 on Sunday after reaching a peak of $0.2070 during the day.

Net flow data of PI on CEX | Source: PiScan

Technical outlook: Can PI tokens break above the 50-day EMA?

At the time of writing, Pi Network is trading around $0.1750, showing signs of stagnation as attempts to break above the downward-sloping 50-day EMA at $0.1767 continue to face resistance. The fact that PI remains below both the 50-day and 200-day EMAs continues to reinforce the view that the downtrend remains dominant in the market.

The recent short-term rebound of PI occurred in the context of the completed mandatory node upgrade, linked to Stellar network’s version 22 upgrade from version 19. Additionally, demand appears to be returning as the community anticipates the one-year anniversary of the mainnet launch, expected on February 20.

Daily PI/USDT chart | Source: TradingView

From a technical standpoint, a decisive daily close above the 50-day EMA at $0.1767 could serve as a confirmation signal for a new breakout, opening the way for an upward move toward the key psychological level of $0.20.

Indicators on the daily timeframe still lean toward a positive scenario. The RSI remains around 57, moving sideways above the neutral line after a strong rebound from the oversold region. Meanwhile, the MACD is approaching the zero line as the positive histogram bars expand, indicating that upward momentum is gradually strengthening.

Conversely, if the price fails to break above the 50-day EMA and reverses downward, PI is likely to retest the support zone at $0.1533 — the level established by the October 10 low.