Pi Network Price Analysis: CEX capital outflow hits a new high, but the downtrend channel still restricts rebound space.

The recent trend of Pi Network (PI) is under pressure, as the reversal of the 50-day EMA indicates that it is in a potential downward cycle of a descending channel pattern. Although the outflow of funds from CEX (Centralized Exchange) has increased by 2.88 million PI in the past 24 hours, reflecting some traders' bullish confidence, the stagnation in volume and technical pressure still renders the short-term price outlook bearish.

CEX capital outflow: a signal of renewed confidence?

(Source: Artemis)

According to PiScan data, in the past 24 hours, the PI wallet balance on the CEX has decreased by 2.88 million coins, bringing the total balance down to 420.9 million coins.

Interpretation: Large withdrawals usually indicate that tokens are being transferred to cold wallets or held long-term, showing that some investors still have confidence in the market outlook.

However, Artemis data shows that since mid-August, the daily trading volume of PI has continued to stagnate between 50 million and 100 million USD, indicating insufficient market activity, which has limited the upward momentum of prices.

Price Trend: Downward Channel Pressure Not Resolved

Last week, PI briefly bounced to $0.4000, but then fell 8% on Sunday and another 3% on Monday, continuing the downtrend.

Key support: $0.3220 (August 1 low)

Bearish target: 0.3000 dollar integer level

Resistance level: 50-day EMA ($0.4047) and the upper trend line of the downward channel

If the price cannot break through the 50-day EMA, the bears will continue to control the situation and may push PI to test the 0.30 USD support.

Technical Indicator: Bearish Momentum Strengthening

(Source: Trading View)

RSI (Relative Strength Index): 43, breaking below the midline, indicating that bearish sentiment continues to intensify.

MACD (Moving Average Convergence/Divergence): When close to the signal line, if a death cross occurs, it may trigger a new round of selling pressure.

Form Structure: Downward Channel Pattern, Short-term Rebound Space is Limited

Technical indicators show that unless the price reclaims 0.4047 USD with an increase in volume, the rebound is unlikely to sustain.

Market Outlook

In the short term, the trend of Pi Network will depend on whether it can break through the upper edge of the descending channel and the 50-day EMA:

Bullish scenario: Breakthrough 0.4047 USD → Target 0.5000 USD psychological barrier

Bearish scenario: Break below 0.3220 USD → Test support at 0.3000 USD

Against the backdrop of continuously low trading volume, even though capital outflows from CEX indicate some investors' long-term confidence, short-term bearish pressure cannot be ignored.

Conclusion

Pi Network is currently in a tug-of-war between technical aspects and market sentiment. Although CEX outflows have reached a recent high, reflecting some funds shifting towards long-term holding, the stagnation in volume and the downward channel structure indicate that bears still have the upper hand. In the short term, $0.4047 and $0.3220 will be key price levels for the bulls and bears showdown.