• Pi Network clings to $0.1700 on Friday after a 5% loss the previous day.
• Over 2 million PI tokens were deposited on CEXs in the last 24 hours amid the second migration phase, weighing down on Pi Network price.
• The PI token risks an extended decline to $0.1556 amid a bearish technical picture.

Pi Network (PI) is trading near $0.1700 at press time on Friday after losing over 5% the previous day. Deposits on Centralized Exchanges (CEXs) totaled over 2 million PI tokens in the last 24 hours, suggesting a profit-taking from investors amid the second rounds of mainnet migration. The technical outlook for the PI token is bearish following a daily close below the $0.1736 support level, with the next line of defense at $0.1556.

Softened investor confidence redirects mainnet migration to CEXs

Pi Network faces intense supply pressure as the second wave of mainnet migration increases inflows to CEXs. PiScan data shows that CEXs recorded 2.16 million PI tokens in inflows over the last 24 hours, which aligns with Thursday’s sell-off and resulted in a 5% drop in the spot market. The rise in deposits on CEXs as more Pi Network testnet migrants move to mainnet reflects a weakening of investors' confidence in the project, leading to immediate profit-booking.

Pi Network at risk of steeper correction

Pi Network shows a minor intraday recovery above $0.1700 at press time on Friday, following the 5% drop the previous day. The near-term bias stays mildly bearish as price holds below the declining 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which now slope lower and weigh on intraday rebounds.

On the downside, Thursday's close below $0.1736 has exposed a clean path toward the February 23 low at $0.1556 as the next significant level. A sustained loss of $0.1556 would extend the prevailing downtrend toward the February 11 low at $0.1310.

The Moving Average Convergence Divergence (MACD) line sits marginally below its signal line on the daily chart with a slightly negative histogram, reinforcing a weak downside tone rather than impulsive selling. Meanwhile, the Relative Strength Index (RSI) near 42 stays below the midline and signals persistent yet moderate bearish momentum.

Initial resistance emerges at the 50-day EMA at $0.1851, close to the 100-day EMA at $0.1942, both maintaining a broader downtrend. A daily close above $0.1942 would extend a recovery toward the March 7 high at $0.2396.

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