• Pi Network hovers near $0.1500 on Tuesday amid intense selling pressure.
• PiScan data shows CEX outflows of over 2.55 million PI tokens as buyers fail to absorb the incoming migration supply. 
• The technical outlook for PI is bearish amid broader market risk-off sentiment.

Pi Network (PI) holds above $0.1500 at press time on Tuesday, posting its fifth consecutive day of losses amid intense selling pressure as the mainnet migration of PI tokens offsets the 2.55 million outflows from Centralized Exchanges (CEXs). Technically, Pi Network appears to be performing a dead cat bounce around $0.1500, risking a steeper correction. 

Mainnet migration of fresh supply outweighs CEXs' withdrawals

PiScan data shows that 2.55 million PI tokens left exchanges over the last 24 hours, a figure that typically signals a surge in buying activity. However, the current situation reflects an attempt to absorb the incoming supply pressure through mainnet migration.

Migration statistics reveal that 4.36 million PI tokens were transferred from testnet to mainnet on Tuesday, enabling holders to deposit this unlocked supply on CEXs. This builds the supply after 7.65 million PI tokens were migrated on the previous day.

The broader market risk-off sentiment reduces the likelihood of a rebound in the PI token, as it is more speculative than other cryptocurrencies. CoinMarketCap’s Crypto Fear and Greed Index stands at 39 on Tuesday, back to the fear zone, suggesting a decline in risk appetite.

Technical outlook: Will PI hold its ground at $0.1500?

Pi Network resurfaces above $0.1500 on Tuesday, after testing the $0.1463 low the previous day. The short-term recovery appears to be a dead cat bounce, as the price has edged lower over the last 4 hours, risking another slip below the $0.1500 threshold.

Additionally, the PI token holds a bearish near-term bias beneath the 50-, 100-, and 200-period Exponential Moving Averages (EMAs) on the 4-hour chart.

Momentum indicators reinforce this pressure, with the Relative Strength Index (RSI) hovering just above oversold territory near 34 and the Moving Average Convergence Divergence (MACD) line remaining slightly negative below the zero line, hinting that bearish forces still dominate despite some slowing in downside velocity.

The immediate support for PI below the $0.1500 threshold lies at the S1 Pivot Point at $0.1440, followed by the S2 Pivot Point at $0.1345.

The clustering of the 50-period EMA around $0.1635 and the nearby descending trendline breaks at $0.1605 suggests rallies are likely to meet selling interest, keeping the pair confined within a broader downside structure. A decisive close above this zone could test the 100-period EMA at roughly $0.1684.

(The technical analysis of this story was written with the help of an AI tool.)