The price of PI is rising as CEX outflows indicate increasing bullish demand.
After a 4.92% increase on Wednesday, the PI token of the Pi Network continues to rise.
CEX wallet balances have significantly decreased over the past 24 hours, indicating an increase in outflows.
At the time of writing on Thursday, Pi Network (PI) is $0.3653, down from $0.3747. Technical data and exchange reserves show a bullish bias, with RSI divergence, a double bottom pattern, and significant outflow from CEX wallet balances, indicating higher demand.
PiScan data shows that CEX wallet balances have lost 5.14 million PI tokens in 24 hours, reducing the reserve to 409.55 million. The Pi 2025 hackathon, the first ecosystem hackathon after the Open Network, may have triggered this large outflow, which decreased CEX balances by 1.24% and increased investor demand.
The PI token of the Pi Network has risen approximately 1.50% at the time of writing on Thursday, continuing an average rise of 4.92% on Wednesday. The reversal at the support level of $0.3442 suggests a double bottom pattern previously demonstrated on August 6, targeting the 50-day EMA around $0.4319.
On the daily chart (below), the moving average line corresponds to the resistance line of the descending channel. A convincing close above this level may contribute to a bullish trend above $0.5000.
The RSI is at 42 on the daily chart, approaching the mean as buying pressure returns. Compared to the drop to $0.3442, the RSI has significantly recovered, showing bullish divergence.
However, the MACD and signal line have converged and are moving sideways, indicating a lack of clear trend.
However, a reversal below $0.3442 will invalidate the double bottom reversal pattern and increase the likelihood of reaching the historical low of $0.3220.
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