Pi Network is fluctuating around the $0.2000 USD mark at the time of writing on Thursday, after recording a nearly 2% decline in the previous trading session. Notably, in the past 24 hours, centralized exchanges (CEX) have received approximately 1.90 million PI tokens, a signal indicating cautious sentiment and risk-avoidance trends spreading among holders. Technically, PI has not yet broken out of the downward pressure zone, as the trend continues to lean bearish and the price faces the risk of breaking through the 20-day exponential moving average (EMA).
Large deposits increase selling pressure
Data from PiScan shows that over 1.90 million PI tokens have been transferred to centralized exchanges (CEX) listing PI, significantly increasing supply pressure in the market. Under normal circumstances, large token deposits to CEX are often seen as signals of upcoming selling activity, reflecting cautious sentiment and declining investor confidence. If the cash flow trend continues to flow steadily into exchanges, selling pressure on PI is likely to escalate in the near future.
PI wallet balance on CEX | Source: PiScan## Technical outlook: Can Pi Network continue to decline below $0.20?
Pi Network is currently testing the 20-day EMA at $0.2092 USD, after reversing from the 50-day EMA around $0.2166 USD. This movement indicates increasing selling pressure as the price approaches higher EMA lines, implying new supply has emerged and is restraining the recovery.
The RSI indicator has retreated to 48 and crossed below the neutral threshold, reflecting that bears are gaining dominance, and opening room for deeper correction before entering oversold territory.
Daily PI/USDT chart | Source: TradingView Additionally, the MACD shows signs of stalling as green histogram bars gradually shrink, indicating weakening bullish momentum. If the MACD crosses below the signal line, a bearish scenario will be reinforced.
If selling pressure continues to dominate, the support levels at the lows of 10/11 at $0.1996 USD and 9/22 at $0.1842 USD are likely to become important support points to watch.
Conversely, if PI successfully breaks above the 50-day EMA at $0.2166 USD, the upward trend could resume, targeting $0.2295 USD — the price zone most recently tested on 12/5.
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