Pi Network (PI) faces pressure as it approaches key support - Will a sell-off occur?

Pi Network (PI) extended its downtrend into Friday’s session with a slight decrease, marking a three-session losing streak as the price approached its short-term support line. On-chain data indicates that selling pressure is clearly increasing, as centralized exchanges (CEX) are seeing a strong uptick in deposit inflows.

From a technical perspective, PI’s corrective move still carries the risk of deepening, as the MACD indicator is flashing a sell signal.

Selling Pressure Rises on CEX

According to data from PiScan, over the past 24 hours, the amount of PI deposited by users into centralized exchanges (CEX) has far exceeded withdrawals. Specifically, CEXs that have completed Know Your Business (KYB) verification for Pi Network recorded a total of 2.75 million PI flowing in, while withdrawals amounted to only 1.76 million PI. This significant gap shows that net inflows are favoring exchanges, reflecting a cautious sentiment and a prevailing risk-averse trend in the market.

PI balance on CEX | Source: PiScan## Technical Outlook: Will Pi Network Break Key Support?

Pi Network is currently correcting toward a key support line formed by the lows on October 22 and November 4—a trendline that has supported the price several times since its emergence. If PI loses this support at (0.2204 USD), the selling pressure could push the price down to the psychological level of 0.2000 USD, before testing the support zone at 0.1919 USD, which coincides with the low from October 11.

On the daily timeframe, the MACD indicator lines are gradually sloping downward, approaching the zero line. If the MACD line and signal line cross into negative territory, PI will likely face further strong downside momentum.

Daily PI/USDT chart | Source: TradingViewWhile the MACD flashes a sell signal, the RSI remains steady around 46, moving sideways near the midpoint. However, the gap between the current RSI and the oversold region warns that the price could continue to weaken without strong buying support.

To restore the uptrend, PI needs to break above last week’s high at 0.2841 USD, which would open the path for a recovery toward the August 1 low near 0.3220 USD.

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