PI NETWORK UPDATE: Recovery Attempts Face Strong Selling Pressure.......
Pi Network is showing a slight recovery above the $0.18 level after two consecutive days of losses, but the overall structure remains weak. Despite this bounce, the market is still under pressure as more than 5 million PI tokens were moved to centralized exchanges within 24 hours — a clear sign of ongoing sell-offs.
Investor confidence appears to be fading as the second phase of mainnet migration unlocks additional supply, allowing more holders to transfer and potentially sell their tokens. This increase in circulating supply is adding downward pressure on price action.
Technically, PI is struggling to hold above its 50-day EMA ($0.178), which is acting as a key short-term support. While indicators like RSI (around 53) and MACD show mild bullish momentum, they are not strong enough to confirm a trend reversal. The broader trend remains bearish as long as price stays below the 100-day EMA ($0.185).
On the upside, immediate resistance is seen at $0.185 and the psychological $0.20 level. A break above these zones could trigger a stronger recovery. However, failure to hold current support may lead to further downside.
Conclusion:
Short-term bounce is visible, but heavy selling pressure and weak structure suggest caution. The market needs stronger buying momentum to shift bullish. ⚠️