Pi Network Price Forecast: PI rebound gains steam on broader market recovery
- Pi Network is up 4% on Monday, advancing its 2% recovery from the previous day.
- Crypto investors show elevated risk appetite as the US SEC and CFTC take an alternative approach to crypto market structure.
- The technical outlook for PI remains bearish as the price remains below crucial moving averages.
Pi Network (PI) is up 4% on Monday, advancing its near-term recovery after a 2% rebound the previous day. The broader cryptocurrency market's recovery, with Bitcoin (BTC) hitting an eight-month high of $85,000, is boosting investors’ risk appetite for high-risk crypto assets like the PI token. The technical outlook for PI is mixed, as a short-term recovery could lead to a breakout rally.
Crypto market bull run begins
Bitcoin is trading above $85,000 on Monday, triggering $688 million in liquidations over the last 24 hours, led by $598 million in short liquidations. At the same time, the Fear and Greed Index rises to 77, indicating a firm risk-on sentiment in the crypto market.
Typically, such conditions are ideal for high-risk crypto tokens like PI to make a bullish comeback. In addition, the Pi Core Team’s constant push to boost the ecosystem through AI integration, network expansion, and Know Your Customer (KYC) process upgrades could drive demand for PI.
Technical outlook: Pi Network’s another attempt at a bullish turnaround
Pi Network holds a mixed near-term bias as it extends a rebound toward the 50-day Exponential Moving Average (EMA) at roughly $0.0924. The PI token remains well under the 100-day and 200-day EMAs at about $0.1027 and $0.1348, respectively, reflecting a long-term bearish bias.
Momentum hints at only mild consolidation rather than a clear recovery, as the Moving Average Convergence Divergence (MACD) remains in negative territory while the bearish profile contracts, and the Relative Strength Index (RSI) hovers near 48.
A confirmed breakout above the 50-day EMA at $0.0924 could extend the recovery toward the 50% retracement level at $0.0990, measured from $0.1394 to $0.0704.
On the downside, initial support emerges at the 23.6% Fibonacci retracement around $0.0827, with a deeper cushion near the structural swing low at $0.0704.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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