Pi Network (PI) trades above $0.1700 at the time of writing on Monday, testing the 50-day Exponential Moving Average (EMA) at $0.1767. Over the last 24 hours, roughly 2.90 million PI tokens were deposited onto Centralized Exchanges (CEXs), suggesting profit-taking by investors following the recent recovery. Technically, the PI token rally is at risk of reversing from the 50-day EMA after the mandatory node upgrade passed on Sunday.

Investors exit after the mainnet node upgrade deadline

Piscan data shows that 2.89 million PI tokens were deposited on Pi Network’s Know Your Business verified (KYB) centralized exchanges over the last 24 hours. Typically, such inflows on exchanges suggest a profit-taking spree among investors capitalizing on…