The PI bulls remain steadfast at the critical support level that marks the decisive point between the second phase of the migration wave

Pi Network (PI) recorded a rise of more than 2% on Tuesday, holding steady above the key support zone despite continued pressure on the crypto market from U.S.–Iran tensions. The second mainnet migration round has driven a steady inflow of PI deposits into centralized exchanges (CEX), posing a test for the resilience of the Pi ecosystem. In this context, PI’s technical picture remains mixed, as buying pressure continues to hold firmly around the $0.1750 level.

Pi Network faces downside pressure after the second migration

Data from PiScan shows an additional 1.12 million Pi tokens were deposited to CEXs within 24 hours, indicating a net-deposit trend from holders. Typically, increased supply on exchanges can weigh on short-term recovery momentum. However, with Pi Network, only users on the mainnet can deposit PI to CEX—and these are all selected accounts from the mainnet migration rounds.

In related developments, more than 119,000 users (Pioneers) have completed token transfers after passing KYC in the second mainnet migration.

PI balances on centralized exchanges (CEX) | Source: PiScan At the same time, Pi Network is still accelerating its upgrade roadmap to Protocol 21, a platform built on Stellar blockchain. The Pi Core Team has also set a deadline of April 6 for all mainnet nodes to complete this upgrade process.

Technical analysis: Can PI continue to recover?

At the time of recording, PI is seeing a slight recovery and still holds the $0.1736 support zone. The short-term trend remains neutral but leans slightly downward, as the price continues to be capped below the 50-day EMA, which is sloping down at $0.1872, and is significantly lower than the 100- and 200-day EMAs.

Daily PI/USDT chart | Source: TradingView Technical signals suggest that selling pressure is gradually weakening. MACD remains below the signal line and the 0 level, but the negative histogram bars have narrowed. Meanwhile, RSI is at 45, below the neutral 50 level, reflecting that buying power is not strong enough and the market still needs further confirmation to strengthen its ability to hold the $0.1736 zone.

If the recovery momentum is maintained, the nearest resistance is at the 50-day EMA ($0.1872); closing above this level could open room for an uptrend toward the 100-day EMA at $0.1953. Conversely, if PI loses the $0.1736 zone, the next support is most likely to retreat to the day’s low from 2/23 at $0.1556.