• Pi Network edges higher by 2% on Tuesday after three consecutive days of losses.
• Exchanges record an outflow of more than 750,000 PI tokens over the last 24 hours, suggesting that investors are buying the dip.
• The technical outlook for PI remains mixed, keeping the crucial support level at $0.1533 in focus.

Pi Network (PI) rebounds by 2% at press time on Tuesday, regaining strength after a three-day decline. A renewed interest among investors, evidenced by outflows from Centralized Exchanges (CEXs), backs the short-term recovery. Still, the technical outlook for the PI token remains mixed with bulls aiming for a positive daily close to confirm the reversal.

Investors return to buy the dip

PiScan data shows that the Know-Your-Business verified (KYB) exchanges recorded an outflow of 759,924 PI tokens over the last 24 hours. Typically, outflows from CEXs signal renewed investor demand. In the case of Pi Network, the outflow reflects investors capitalizing on the dip in anticipation of an extended rally.

Technical outlook: Will PI token extend its intraday rebound?

Pi Network held ground at the $0.1533 support level on Monday, with a daily close at $0.1599, retracing higher from its daily low of $0.1555. At the time of writing, PI is up 2% on Tuesday, with bulls aiming for the 50-day Exponential Moving Average (EMA) at $0.1754.

A decisive close above this moving average could extend the PI token recovery to the $0.1919 resistance level, marked by the October 11 low.

The technical indicators on the daily chart imply a loss in buying pressure. The Relative Strength Index (RSI) is at 36, maintaining a downward slope with further room before reaching the oversold zone. At the same time, the Moving Average Convergence Divergence (MACD) approaches its signal line, risking a potential bearish crossover as positive histograms contract. 

On the downside, if the PI token clears the $0.1533 support level with a daily close, it could threaten the $0.1300 record low from February 6.