 ▲ Pi Network (PI) / ChatGPT-generated image © |
Pi Network (PI) has continued its rebound this month, rising about 35% amid expanding retail buying and a decline in exchange reserves.
According to investment outlet FXStreet on March 11 (local time), PI is currently trading near $0.23 and has recorded gains for three consecutive trading days this week. In particular, ahead of “Pi Day” on March 14, growing community expectations have reportedly driven a rapid increase in retail investor demand.
On-chain data also confirms signs of rising demand. According to PiScan data, approximately 4.94 million PI were withdrawn from centralized exchanges (CEX) over the past 24 hours, reducing exchange-held reserves. A decline in exchange balances is generally interpreted as a reduction in immediately sellable supply, thereby strengthening upward price pressure.
Movements by large investors have also been detected. Over the past 24 hours, the largest single transaction involved a wallet withdrawing about 5.46 million PI from the OKX exchange. The wallet’s holdings have reportedly increased to approximately 394 million PI. Such accumulation by large wallets tends to stimulate retail investor sentiment and contribute to expanding market demand.
Technically, PI is approaching a key short-term resistance level. The critical resistance zone currently stands around $0.2396, which capped last week’s rally. If the price breaks above this level on a daily closing basis, bullish momentum could strengthen, raising the possibility of a move toward the next target around $0.2842, near the 200-day exponential moving average.
Technical indicators also support the short-term upward trend. The Moving Average Convergence Divergence (MACD) remains in positive territory above the signal line, indicating buying pressure, while the Relative Strength Index (RSI) stands at 68, showing strong upward momentum while still below overbought territory. On the downside, the first support levels are around $0.1983 and $0.1900, with additional correction potentially targeting the next support at approximately $0.1849.
*Disclaimer: This article is for investment reference only and we are not responsible for any losses incurred based on it. The content should be interpreted for informational purposes only.*