PI Network (PI) has been one of the worst performers among the leading cryptocurrencies in recent days.
The coin lost 10% of its value in the last seven days and briefly dropped below the $0.1500 psychological level.
PI’s bearish performance was due to the token unlock event that increased selling pressure as users gained access to some of their locked tokens.
However, PI has stabilized above $0.1500 since Tuesday and is now up by 2% in the last 24 hours.
While PI’s expansion in the United States via OKX pushed its price higher, the increased deposits on Centralized Exchanges (CEXs) imply that the sellers have not given up control yet.
The momentum indicators have improved, suggesting a fading bearish trend.
PI is now available to US customers via OKX
PI is up by 2% in the last 24 hours and is trading above $0.1500. The positive performance comes as the broader crypto market rebounded following events regarding the US-Iran war.
President Trump announced on Wednesday that the negotiations with Iran are approaching a peaceful end. The news caused Bitcoin and other major coins, including PI, to rally higher.
Another major catalyst behind PI’s rally is the announcement on Wednesday that the OKX exchange will enable PI token access for its US users.
This latest development means that more users in the United States would gain access to PI following Kraken’s listing of the token in March.
The listing on Kraken and OKX could allow Pi Network to build a strong user base in the United States.
Despite these positive developments, on-chain data suggests that investors should be careful of sell traps.
On-chain data obtained from PiScan shows that 1.72 million PI tokens were deposited on CEXs over the last 24 hours. This brings the total CEX balance to 540 million tokens.
Historically, an increase in CEX deposits suggests reduced investor confidence, which could result in bearish price action for PI.
PI technical outlook: The bulls are not out of the woods yet
The PI/USD 4-hour chart remains bearish and efficient despite PI adding 2% to its value. At press time, PI is trading above $0.1500, maintaining a mixed bias.
The momentum indicators indicate that the bearish trend is fading. The RSI of 47 is approaching the neutral 50, suggesting a growing bullish narrative.
The MACD lines are also close to the zero area, adding further confluence to the growing bullish trend.
If the $0.1463 support level holds and the buyers step up, PI could extend its rally towards the first major resistance at $0.1585.
A daily candle close above this level will enable PI to target the next major resistance at $0.1690, which is the 4-hour Transactional Liquidity (TLQ) zone.
However, if the $0.1463 support level fails to hold, PI could dip lower and retest the all-time low at $0.1310.
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