Pi Network’s PI token was trading near $0.0900 on Wednesday, remaining above the $0.0853 support level as momentum across the broader cryptocurrency market began to slow. Traders have been taking profits after last week’s double-digit gains, while PI’s mixed technical signals point to continued uncertainty over the next move.
Crypto market pullback follows strong weekly gains
Approximately $373 million in leveraged positions were liquidated over the previous 24 hours, according to CoinGlass data. Long positions represented about $310 million of the total, suggesting that bullish traders were caught off guard by the market’s decline.
Despite the pullback, sentiment remains firmly optimistic. The Crypto Fear and Greed Index stood at 80 on Wednesday, placing market conditions in the “extreme greed” zone. The reading indicates that investors remain bullish while assessing whether the latest weakness is a temporary correction or the beginning of a wider reversal.
PI needs to clear $0.1022 to extend its recovery
PI is currently holding above the 23.6% Fibonacci retracement level at $0.0853. The level is measured from the token’s decline between a high of $0.1341 and a swing low of $0.0703. Maintaining that support could preserve the possibility of further recovery, although the token faces significant resistance above its current price.
The next major barrier is the 50% Fibonacci retracement at $0.1022, which rejected a recovery attempt in mid-July. A daily close above that level could strengthen the bullish setup and open a path toward the 78.6% retracement at $0.1204. Such a move would also take PI back above the psychologically important $0.1000 mark.
Momentum remains limited
PI’s daily Moving Average Convergence Divergence indicator is marginally above its signal line, indicating a slight bullish bias. However, the narrow gap between the two lines points to weak momentum. The Relative Strength Index is near 51, reflecting a broadly balanced market between buyers and sellers.
A confirmed daily close below $0.0853 would weaken the short-term recovery outlook and could expose PI to a retest of the $0.0703 swing low. Continued consolidation above support, by contrast, would keep open the possibility of another attempt to break through $0.1022.
