
Vishal Dixit
FXStreet
Pi Network (PI) trades at $0.3653 at press time on Thursday, retracing from the $0.3747 high. The technical and exchange reserves indicate a bullish bias, with an RSI divergence, a double bottom pattern, and a sharp outflow from the Centralized Exchanges (CEXs) wallet balances, pointing to increased demand.
PiScan data shows the CEXs’ wallet balances recording an outflow of 5.14 million PI tokens in the last 24 hours, dropping the reserve to 409.55 million tokens. This massive withdrawal accounts for a 1.24% decrease in CEX’s balances, indicating a surge in demand among investors, is likely driven by the start of the Pi Hackathon 2025, the ecosystem’s first hackathon after the launch of Open Network.
CEXs’ wallet balances. Source: Coinglass
Pi Network’s PI token edges higher by nearly 1.50% at press time on Thursday, extending the 4.92% rise from Wednesday. The reversal from the $0.3442 support level hints at a double bottom pattern reversal, previously tested on August 6, targeting the 50-day Exponential Moving Average (EMA) at $0.4319.
The declining average line aligns with the resistance trendline of a falling channel pattern, as marked on the daily chart (shared below). A decisive close above this level could reinforce a potential bullish trend, targeting the $0.5000 psychological level.
The Relative Strength Index (RSI) reads 42 on the daily chart, inching closer to the halfway line as buying pressure recovers. Additionally, the RSI has significantly recovered compared to the previous dip at $0.3442 level, indicating a bullish divergence.
Still, the Moving Average Convergence Divergence (MACD) and its signal line have merged and moved sideways, signaling a loss in decisive trend momentum.
PI/USDT daily price chart.
On the contrary, a reversal below the $0.3442 support level would invalidate the double bottom reversal pattern, increasing the risk of the $0.3220 support level, which aligns with the all-time low.
Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.
Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Nasdaq-listed DeFi Development Corp (DFDV) is increasing its stock repurchase program from $1 million to $100 million, following board approval on Wednesday.
BNB is holding steady above $1,000 on Wednesday as Franklin Templeton announced it will expand its Benji tokenization platform to the BNB Chain.
Ripple (XRP) rises above $2.88 on Wednesday, reflecting a bullish wave across the wider cryptocurrency market, which has seen Bitcoin (BTC) also climb above the $113,000 level.
Hyperliquid (HYPE) is staging a recovery, following five consecutive days of declines, which have been mirrored across the cryptocurrency market since late last week.
Bitcoin shows strength, continuing its three consecutive weeks of recovery and holding steady above $116,000 on Friday. The recovery extends following the dovish Federal Reserve stance.
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.
©2025 "FXStreet" All Rights Reserved
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.