Pi Network (PI) traded around $0.090 on Thursday, maintaining a three-day recovery from earlier in the week after recording three consecutive bullish daily closes with a cumulative gain of approximately 4%. Despite holding these gains, the token continues to underperform relative to the broader cryptocurrency market.
Renewed risk appetite across financial markets has pushed Bitcoin toward $70,000 and past $71,000 following the US Treasury's announcement that it would at least double the maximum size of certain liquidity-support buyback operations from $2 billion to $4 billion per transaction. The initiative aims to support liquidity in the longer-dated Treasury market and address rising borrowing costs, easing long-term yields and bolstering confidence in higher-risk assets.
Derivatives and Market Participation
While major assets and altcoins have advanced significantly, PI has struggled to attract comparable buying pressure and retail demand. CoinAnk data indicates that PI futures Open Interest rose to $9.30 million from $8.82 million the previous day, reflecting a modest improvement in speculative interest. However, this figure remains well below the July 15 peak of $12.14 million, pointing to continued hesitation among traders to commit substantial capital.
Technical Outlook
From a technical standpoint, PI has moved above the 78.6% Fibonacci retracement level at $0.0839, measured from the downswing between $0.1341 and $0.0703. Holding above this primary support level preserves the current recovery structure, while a break below it could expose the swing low at $0.0703.
To extend its recovery, the token faces significant overhead resistance. Key technical levels include:
- Psychological Level: The $0.1000 threshold, which must be overcome to strengthen the recovery.
- Fibonacci Resistance: The 50% Fibonacci retracement level sitting at $0.1022.
A decisive daily close above the $0.1000-to-$0.1022 zone would be required to strengthen bullish momentum and attract broader retail participation. Meanwhile, daily momentum indicators reflect a cautious recovery. The Relative Strength Index hovers near the neutral level of 50, and the Moving Average Convergence Divergence indicator sits slightly above its signal line with a gradually expanding bullish histogram, signaling mild upside momentum that remains too weak to confirm a sustained reversal.
