Pi Network Price Outlook: Pi faces risks of further decline amid breakdown of key support level

Pi Network held at $0.1700 on Friday after a 5% loss the previous day.
Over two million PI tokens were deposited on centralized exchanges in the last 24 hours amid the second phase of the transfer process, leading to a decline in the Pi network price.
The PI token faces the risk of an extended drop to $0.1556 amid a bearish technical outlook.
The Pi network token (PI) is trading near $0.1700 as of writing this report on Friday, after losing more than 5% the day before. Total deposits on centralized exchanges (CEXs) exceeded two million PI tokens in the past 24 hours, indicating profit-taking by investors amid the second round of mainnet transfer. Technical forecasts for PI point to a bearish trend after a daily close below the $0.1736 support level, with the next support at $0.1556.
- Declining investor confidence is driving the mainnet data transfer to centralized exchanges.
The Pi Network project is under significant supply pressure as digital asset flows into centralized exchanges increase due to the second wave of transfers from the testnet to the mainnet. PiScan data shows that centralized exchanges recorded inflows of 2.16 million PI tokens over the past 24 hours, consistent with the heavy selling seen on Thursday, which caused a 5% drop in the spot market. The rise in deposits on centralized exchanges, as more Pi Network testnet users move to the mainnet, reflects a decline in investor confidence, leading to immediate profit-taking.
Centralized exchange wallet balances for Pi Network. Source: PiScan.
Pi Network at risk of sharper correction
The Pi Network index showed a slight rebound during the day above $0.1700 as of writing this report on Friday, after a 5% decline the previous day. The short-term trend remains slightly bearish, with the price staying below the declining 50, 100, and 200-day exponential moving averages (EMAs), which are now trending downward, negatively impacting any intraday rebounds.
On the downside, Thursday’s close below the $0.1736 level reveals a clear path toward the lowest level recorded on February 23 at $0.1556, which is the next significant support. Continued losses at the $0.1556 level would extend the prevailing downtrend toward the lowest point since February 11 at $0.1310.
The Moving Average Convergence Divergence (MACD) is slightly below the signal line on the daily chart, with a mild negative divergence, reinforcing a weak bearish trend rather than aggressive selling. Meanwhile, the Relative Strength Index (RSI) remains near 42 below the midline, indicating ongoing but moderate bearish momentum.
Technical analysis of the PI/USD trading pair
Daily PI/USD price chart.
Initial resistance is seen at the 50-day exponential moving average at $0.1851, near the 100-day EMA at $0.1942, both maintaining a broader bearish trend. A daily close above $0.1942 would support a recovery toward the high recorded on March 7 at $0.2396.