$PI Price Forecast: Pi Network Faces Additional Downside Risk of Major Support Collapse

Pi Network company maintained its price at $0.1700 despite a 5% loss the previous day.
During the second phase migration, over 2 million PI tokens were deposited into centralized exchanges in the past 24 hours, causing Pi Network's price to decline.
PI tokens face the risk of continuing downward to $0.1556, with technical charts showing a bearish outlook.

As of Friday, the PI token price was around $0.1700 near (PI), down more than 5% the previous day. In the past 24 hours, deposits on centralized exchanges exceeded 2 million PI, indicating investors took profits during the second round of mainnet migration. Technical analysis suggests that after failing to break above the $0.1736 support level at close, PI shows a bearish trend, with the next support at $0.1556.

- Declining investor confidence drives mainnet data migration to centralized exchanges
Pi Network faces significant supply pressure as inflows of digital currency into centralized exchanges increase, stemming from the second wave of migration from testnet to mainnet. PiScan data shows that in the past 24 hours, inflows to centralized exchanges reached 2.16 million PI, coinciding with Thursday’s sharp sell-off, leading to a 5% drop in spot markets. The increase in deposits on centralized platforms, along with more Pi testnet users migrating to mainnet, reflects waning investor confidence and immediate profit-taking.

Pi Network centralized exchange balances. Source: PiScan.

Pi Network Faces More Severe Correction Risks
As of Friday, Pi Network index slightly rebounded above $0.1700, but after a 5% intraday decline, the short-term trend remains somewhat bearish. The price is still below the 50, 100, and 200-day exponential moving averages ((EMAs)), all of which are sloping downward, affecting the intraday rebound.

On the negative side, the Thursday close broke below $0.1736, indicating a clear downward path toward the February 23 low of $0.1556. Continued decline below $0.1556 would extend the downtrend, targeting the February 11 low of $0.1310.

On the daily chart, the MACD indicator is slightly below the signal line, showing a mild bearish signal, forming a weak downward trend rather than a strong sell-off. Meanwhile, the Relative Strength Index (RSI) remains around 42, below the midpoint, indicating that downside momentum persists but is moderate.

PI/USD Trading Pair Daily Chart Analysis
PI/USD Daily Chart.

The 50-day exponential moving average ($0.1851) acts as an initial resistance level, close to the 100-day moving average ($0.1942), both indicating a broader downtrend. If the daily close breaks above $0.1942, it could support a rebound toward the March 7 high of $0.2396.