Key takeaways
- Pi Network trades around $0.0900 on Wednesday, maintaining mild upside momentum above the critical $0.0853 support.
- The broader cryptocurrency market is retreating as investors take profits following last week’s double-digit gains.
- A break above $0.1022 could open the path toward $0.1204.
Pi Network is showing modest upside movement on Wednesday, with PI trading around $0.0900 and remaining above an important technical support level.
However, the broader cryptocurrency market’s recovery is losing momentum as investors lock in profits following last week’s sharp gains. PI’s technical indicators also remain mixed, reflecting a lack of decisive buying pressure.
Profit-taking slows the crypto market rally
The broader cryptocurrency market is edging lower this week after several major assets recorded double-digit gains during the previous week.
CoinGlass data shows that approximately $373 million in leveraged positions was liquidated over the past 24 hours. Long positions accounted for $310 million of that total, indicating that the latest pullback caught bullish traders off guard.
The elevated long liquidations suggest renewed selling pressure as investors reduce risk and take profits from the recent rally.
Despite the pullback, overall market sentiment remains strongly positive. CoinMarketCap’s Crypto Fear and Greed Index stood at 80 on Wednesday, placing the market firmly within the “extreme greed” zone.
The reading indicates that bullish sentiment persists even as traders assess whether the current decline is a temporary correction or the beginning of a broader reversal.
Pi Network holds above the $0.0853 support
Pi Network trades near $0.0900 at the time of writing, maintaining a neutral short-term outlook.
The token remains above the 23.6% Fibonacci retracement level at $0.0853. This level is calculated from PI’s decline between the $0.1341 high and the $0.0703 swing low.
As long as PI holds above $0.0853, buyers may retain an opportunity to extend the recovery. However, the token needs stronger momentum to overcome the resistance levels above its current price.
The 50% Fibonacci retracement level at $0.1022 represents the next major barrier for Pi Network.
This level rejected PI’s recovery attempt in mid-July, reinforcing its importance as a potential supply zone. A decisive daily close above $0.1022 could strengthen the bullish outlook and extend the advance toward the 78.6% Fibonacci retracement at $0.1204.
Such a breakout would also move PI above the psychologically important $0.1000 threshold, potentially attracting additional buying interest.
Pi Network’s momentum indicators show signs of stabilization but do not yet confirm a strong bullish trend.
The Moving Average Convergence Divergence indicator remains marginally above its signal line on the daily chart. This position points to a slight bullish bias, although the narrow separation between the lines reflects weak momentum.
Meanwhile, the Relative Strength Index stands near 51. The neutral reading suggests that buyers and sellers remain relatively balanced, leaving PI vulnerable to broader market movements.
The $0.0853 Fibonacci level remains the immediate support to monitor. A confirmed daily close below this level could invalidate PI’s near-term recovery outlook and increase selling pressure. In that scenario, the token could revisit the $0.0703 swing low.
Conversely, continued consolidation above $0.0853 would preserve the possibility of another attempt to break the $0.1022 resistance.
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