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Pi Network is continuing its rebound ahead of its first anniversary despite broader market pressure, raising expectations for a short-term bullish reversal.
According to investment media outlet FXStreet on February 18 (local time), Pi Network (PI) traded above $0.1900 during Wednesday’s session, extending gains by more than 3% after rising 7% the previous day. Its cumulative gain this week stands at დაახლოებით 8%. The short-term rebound is attributed to a temporary suspension of mainnet migration, which has eased token supply pressure flowing into centralized exchanges (CEXs).
According to PiScan data, the migration process allowing KYC-verified users to move PI from the testnet to the mainnet has been halted since last Friday. The last recorded daily migration volume was 259,397 PI. With the increase in supply paused, selling pressure has diminished, supporting the price recovery alongside expanding short-term demand.
Technically, short-term bullish signals are also emerging. PI broke above its 50-day exponential moving average (EMA) at $0.1773, establishing a short-term buying bias. The market is now focused on the $0.1919 resistance level, which marked the October 11 low and previously acted as a key support zone multiple times. A daily close above this resistance could open the door for further gains toward $0.2177, aligning with the December 19 high.
On the daily chart, the Relative Strength Index (RSI) has climbed to 63, steadily rebounding from oversold territory last week. This suggests strengthening buying pressure, leaving room for additional upside before entering overbought conditions. The Moving Average Convergence Divergence (MACD) indicator is approaching the zero line following a golden cross on Friday, while the histogram continues to expand above the zero line, signaling gradually strengthening bullish momentum.
On the downside, the 50-day EMA at $0.1773 serves as the first key support level, followed by $0.1533, which aligns with the October 10 low. A break below this support could undermine the short-term rebound scenario.
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