Pi Network price increased by 25% over the week, with bullish momentum continuing strong before Pi Day

Pi Network (PI) tokens rose slightly about 3% this week, after a cumulative increase of up to 25% last week. Currently, they remain above $0.21. The overall technical structure of PI is bullish, with the 100-day exponential moving average (EMA) providing ongoing support. Additionally, the upcoming Pi Day on March 14 has created event-driven demand expectations for the token.

Pi Day Catalyst: Repeating Event Effects

Pi Network’s recent price movements show clear signs of being driven by events. Looking back to the one-year anniversary of the network’s launch on February 20, PI experienced a noticeable surge in demand the week before the anniversary. The current trend ahead of Pi Day on March 14 is very similar to that previous pattern.

Although the increase in CEX deposits of PI suggests some profit-taking pressure technically, the concentrated demand release has not caused a significant pullback. The 3% gain on Monday and the support above $0.21 indicate that market buying is sufficient to absorb short-term selling pressure. Analysts believe that as long as sentiment remains positive ahead of Pi Day, PI’s upward momentum could continue this week.

Technical Analysis: Key Support Holds, Clear Breakout Targets

(Source: TradingView)

From a technical perspective, the bullish structure of Pi Network remains consistent across major indicators:

Current Price: Around $0.2200 (recovered after a 10% correction on Sunday)

100-Day EMA: $0.1973 — key support; maintaining above this level is essential for a bullish outlook

Short-term Breakout Target: Surpass last Friday’s high of $0.2396 to confirm upward momentum

Medium-term Target: The 200-day EMA at $0.2854, representing a potential extension of the current rebound

MACD: Has risen above the signal line, with increasing positive histogram, indicating strengthening bullish momentum

RSI: About 64, nearing overbought territory, with ongoing buying pressure

Major Support Zones

• $0.2000: Psychological round number, first line of defense

• $0.1973: 100-day EMA, short-term trend support

• $0.1813: 50-day EMA, deeper technical support

Frequently Asked Questions

How does Pi Day (Pi Approximation Day) affect PI token prices?

Pi Day, celebrated annually on March 14 (3.14 ≈ π), is an important cultural event for the Pi Network community, often accompanied by ecosystem activities, announcements, or user growth milestones. Similar to last year’s anniversary, Pi Day tends to boost user and investor attention in the lead-up, driving short-term demand and trading activity, resulting in event-driven short-term rallies.

Does a surge in CEX deposits mean PI is about to fall?

An increase in CEX deposits (tokens transferred into exchanges) is often seen as a potential sign of upcoming selling pressure, as tokens are typically moved to exchanges to sell. However, during an event-driven rally, such deposits can also reflect active participation by traders rather than purely bearish intent. Combined with PI holding above the 100-day EMA and MACD remaining bullish, the current technical structure suggests selling pressure has not yet dominated the market.

What key resistances must PI break to reach the 200-day moving average target?

PI needs to first break above and hold the recent high of $0.2396 to confirm ongoing short-term upward momentum. Then, with sustained volume, it can aim for the 200-day EMA at $0.2854. During this process, the current consolidation zone around $0.2200 must turn into a solid support rather than becoming resistance again.