Pi Network Price Analysis: PI slides further as key support comes into focus

Pi Network (PI) remains under pressure, extending its losses for the third consecutive day and declining by 4% so far on Monday. The first-anniversary video released by Pi Network’s founders on Friday focused on network expansion, mainnet migration, and ecosystem tokens, but failed to boost the retail sentiment. The technical outlook for PI remains bearish, with focus on the $0.1533 crucial support level.

Pi Network anniversary fails to boost retail demand

PI Network founders Dr. Nicolas Kokkalis and Chengdiao Fan released Open Network's anniversary video on Friday, highlighting achievements over the past year and outlining upcoming plans. The achievements mainly included Pi Network Ventures' investments in startups, its Know Your Customer (KYC) verification for the mainnet migration, and the integration of AI-powered app creation for the mainnet migration. The team will continue to focus on mainnet migration, ecosystem expansion, and has launched a Pi Request for Comment (PRC) on ecosystem token design for user acquisition through real product integration. 

Despite the Pi core team's announcements, retail sentiment remains low, and selling pressure persists. PiScan data shows that the mainnet migration, which opens the gate to deposit PI tokens on Centralized Exchange (CEXs), restarted on Thursday (February 19) after a brief pause on February 13, accounting for roughly 200 million PI tokens deposited in the last four days.

Additionally, Pi Foundation wallets recorded an outflow of 49.94 million PI tokens in the last 24 hours, adding to the selling pressure and reflecting reduced confidence.

Technical outlook: Will Pi Network drop to its record low?

Pi Network trades below its 50-day Exponential Moving Average (EMA) at $0.1758 after losing over 6% last week. At the time of writing, Pi Network extends its decline by 4% on Monday, pressuring on the $0.1533 support level, marked by the October 10 low. 

If Pi Network slips below this level with a daily close, it could further extend losses toward its all-time low of $0.1300 from February 6. 

The technical indicators on the daily chart support the downside bias as buying pressure fades. The Relative Strength Index (RSI) at 43 slips below the halfway line with further downside room before reaching the oversold zone. At the same time, the Moving Average Convergence Divergence (MACD) approaches the signal line for a bearish crossover as the positive histogram contracts, suggesting a decline in bullish momentum. 

However, a positive close to the day would ease the downside pressure and likely test the 50-day EMA at $0.1758. If Pi Network crosses above this level, it could test the $0.1919 resistance level, which capped gains last week near the local descending trendline connecting the August 13 and November 28 highs.