Pi Network is trading around $0.0900 on Wednesday, holding above a key technical support level as the broader cryptocurrency market loses momentum after last week’s sharp gains.

The token remains above the critical $0.0853 support, while technical indicators continue to show a mixed short-term picture. A move above $0.1022 could open the way toward $0.1204.

Profit-taking slows the crypto market rally

The wider cryptocurrency market is edging lower this week after several major assets posted double-digit gains in the previous week.

According to CoinGlass data, about $373 million in leveraged positions were liquidated over the past 24 hours. Long positions made up $310 million of that total, suggesting that the latest pullback surprised bullish traders.

The heavy long liquidations point to renewed selling pressure as investors reduce risk and take profits from the recent rally.

Even so, market sentiment remains strongly positive. CoinMarketCap’s Crypto Fear and Greed Index stood at 80 on Wednesday, placing the market firmly in the “extreme greed” zone.

That reading suggests bullish sentiment is still intact, even as traders debate whether the current decline is only a temporary correction or the start of a broader reversal.

Pi Network holds above $0.0853 support

Pi Network was trading near $0.0900 at the time of writing, leaving its short-term outlook neutral.

The token is still above the 23.6% Fibonacci retracement level at $0.0853. That level is drawn from PI’s decline between the $0.1341 high and the $0.0703 swing low.

As long as PI stays above $0.0853, buyers retain the possibility of extending the recovery. Still, the token needs stronger momentum to clear the resistance levels overhead, especially as the broader market pauses after last week’s move higher.

The next major barrier is the 50% Fibonacci retracement level at $0.1022.

That level blocked PI’s recovery attempt in mid-July, underscoring its role as a potential supply zone. A decisive daily close above $0.1022 could improve the bullish setup and extend the move toward the 78.6% Fibonacci retracement at $0.1204.

Such a breakout would also push PI back above the psychologically important $0.1000 mark, which could attract additional buying interest.

Pi Network’s momentum indicators suggest stabilization, but they do not yet confirm a strong bullish trend.

The Moving Average Convergence Divergence indicator remains slightly above its signal line on the daily chart, indicating a modest bullish bias. However, the narrow gap between the lines points to weak momentum.

The Relative Strength Index is near 51, a neutral reading that indicates buyers and sellers are relatively balanced. That leaves PI vulnerable to broader market moves, including further shifts in sentiment if the wider crypto pullback deepens.

The $0.0853 Fibonacci level is the key support to watch. A confirmed daily close below that level could weaken the near-term recovery outlook and increase selling pressure. In that case, the token could retest the $0.0703 swing low.

On the other hand, continued consolidation above $0.0853 would keep alive the possibility of another attempt to break through $0.1022.

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