• Pi Network is up 4% so far on Monday, bouncing off its 50-day EMA.
• Data shows a steady decline in social buzz around Pi Network.
• Large PI token deposits on centralized exchanges risk exerting downward pressure.

Pi Network (PI) is up 4% at press time on Monday, trading between the 50-day and 100-day Exponential Moving Averages (EMAs). The declining social interest in Pi Network and a surge in PI token deposits on Centralized Exchanges (CEXs) flag downside risk. The technical outlook for Pi Network is mixed, as the key moving averages are holding the short-term trend in a range.

Pi Network on thin ice as social buzz drops and deposits rise

Santiment data shows a sudden decline in Pi Network's social dominance to 0.025% among the top 100 cryptocurrencies. Typically, a drop in Pi Network's media exposure signals downside risk, as PI remains a largely speculative token driven by its community.

Meanwhile, PiScan data shows 1.43 million PI tokens deposited in the last 24 hours, suggesting a potential profit-taking phase by US investors after the listing on Kraken Exchange, which recorded over 60,000 PI token inflows and over 2 million PI tokens on OKX exchange in the same period.

A consistent increase in PI deposits on CEXs risks rising downside pressure on PI spot prices. However, a rebound in Pi Network's social dominance could defuse the situation, leading to an extended recovery.

Technical outlook: Could Pi Network extend recovery above its 100-day EMA?

Pi Network edges higher by 4% at press time on Monday, regaining ground after a 4% decline the previous day. The rebound from the 50-day Exponential Moving Average (EMA) at $0.1895, which still offers a nearby dynamic pivot, faces resistance from the declining 100-day EMA at $0.1980. Meanwhile, the overhanging 200-day EMA keeps the broader trend bearish.

The Moving Average Convergence Divergence (MACD) line is below the signal line, suggesting bearish momentum has dominated since the recent rejection from the 200-day EMA. The Relative Strength Index (RSI) at 51 stays close to its midline, reinforcing a lack of strong upside momentum as price fades from the recent swing high.

On the upside, a daily close above the 100-day EMA at $0.1980 is needed to ease the downside bias and open a move toward the March 7 high at $0.2396. A stronger recovery would meet further resistance around the 200-day EMA at $0.2745.

Immediate support appears at the 50-day EMA near $0.1895, followed by the $0.1736 support level if selling pressure extends.

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