Pi Network traded around $0.0900 on Wednesday, maintaining mild upside momentum and staying above the critical $0.0853 support level. The stability comes as the broader cryptocurrency market retreats while investors take profits following double-digit gains from the previous week.
Data from CoinGlass indicates that approximately $373 million in leveraged positions was liquidated over a 24-hour period, with long positions accounting for $310 million of that total. Despite the pullback, overall market sentiment remains positive, with CoinMarketCap's Crypto Fear and Greed Index registering at 80 on Wednesday, placing the market in the extreme greed zone.
Pi Network Technical Levels
Pi Network maintains a neutral short-term outlook, staying above the 23.6% Fibonacci retracement level at $0.0853, which is derived from the decline between the $0.1341 high and the $0.0703 swing low. Holding above this immediate support keeps the potential for a recovery active, though technical indicators show mixed signals.
The Moving Average Convergence Divergence indicator sits marginally above its signal line on the daily chart, pointing to a slight bullish bias with narrow separation between the lines. The Relative Strength Index reads near 51, indicating that buyers and sellers remain balanced and leaving the token sensitive to broader market movements.
Outlook and Resistance
For Pi Network to extend its advance, it must overcome overhead resistance levels. The 50% Fibonacci retracement level at $0.1022 marks the next major barrier, having previously rejected a recovery attempt in mid-July.
- Support Level: The immediate support to monitor is $0.0853. A confirmed daily close below this level could increase selling pressure and risk a move toward the $0.0703 swing low.
- Resistance Level: A decisive daily close above the $0.1022 barrier could open a path toward the 78.6% Fibonacci retracement level at $0.1204.
