Pi Network (PI) is holding steady around $0.0887 on Wednesday, sustaining its 2% gain from the previous day. Data shows a fresh spike in retail demand amid stable positional buildup in PI futures. The technical outlook for PI is mixed, with the price holding at a crucial support level at $0.08397.
Is Pi Network regaining its retail strength?
Pi Network has emerged as a highly speculative token, driven by retail support. Santiment data shows a surge in Social dominance and volume to 0.04% and 17, from 0.02% and 15, respectively, the previous day.
At the same time, CoinAnk data shows PI futures Open Interest (OI) at $9.52 million, holding steady above $9 million since Thursday, indicating a stable buildup in positions. Taken together, Pi Network shows early signs of renewed retail demand.
Technical outlook: Will Pi Network bounce back above $0.10?
Pi Network holds a mild bearish bias in the near term, as the recent recovery remains trapped below the $0.1000 psychological threshold. From a technical perspective, PI tests the broken descending trendline near Tuesday’s low of $0.0844. The 78.6% Fibonacci retracement level, measured from $0.13410 to $0.07032, at $0.8397, reinforces the broken trendline.
A potential rebound in PI from this support cluster could face the 50% retracement at $0.10221 as the initial resistance.
Momentum is comparatively constructive, with the Moving Average Convergence Divergence (MACD) above the signal line and the Relative Strength Index (RSI) at 48 nearing the neutral 50 mark, hinting at reducing downside pressure.
Looking down, a decisive close below $0.08397 could nullify the rebound odds, instead risking a steeper decline to the $0.07032 swing low.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
About The Author
