Pi Network Price Forecast: PI tests 50-day EMA breakout as market hype builds
- Pi Network ticks higher on Wednesday, hovering above $0.0910 after a bullish close the previous day.
- A steady increase in PI futures Open Interest points to firm derivatives demand as the broader cryptocurrency market maintains a risk-on sentiment.
- The technical outlook for PI shows a near-term upside bias, with bulls testing the 50-day EMA breakout.
Pi Network (PI) edges above $0.0910 at press time on Wednesday, advancing the mild recovery from the previous day. The PI futures Open Interest shows a positional buildup, possibly supporting a rebound amid broader market risk-on sentiment. The technical outlook for PI indicates a mild bullish bias as the near-term recovery tests the 50-day Exponential Moving Average (EMA) breakout at $0.0917.
Retail speculations hold firm amid broader market risk-on sentiment
Pi Network builds retail strength as investors' risk appetite remains elevated. CoinAnk data shows the PI futures Open Interest (OI) stands at $10.57 million on Wednesday, up from $10.05 million the previous day, suggesting an increase in the notional value of all active contracts.
At the same time, CoinMarketCap’s Fear and Greed Index stands at 67, continuing its decline from 74 last week. Still, the indicators suggest elevated risk appetite as it rests well above the upper band of the neutral range at 60.
Technical outlook: Pi Network recovery eyes 50-day EMA breakout
Pi trades at $0.0918 at press time on Wednesday, extending its mild gains from the previous day. Still, the PI token maintains a near-term bearish bias as it tests the breakout of the 50-day EMA at $0.0917 and sits well below the 100- and 200-day EMAs at $0.1002 and $0.1235, respectively.
A confirmed breakout above the 50-day EMA could target the overhead resistance cluster formed by the 50% retracement level of the downswing from $0.1341 to $0.0704 at $0.0990 and the 100-day EMA at $0.1002.
Momentum on the daily chart remains mostly neutral, with the Relative Strength Index (RSI) at 52, rising above the midline, while the Moving Average Convergence Divergence (MACD) remains in the negative territory but holds marginally above its signal line.
Looking down, a potential reversal from the 50-day EMA could test the 23.6% Fibonacci retracement level at $0.0827, reinforced by the July 31 low at $0.0801. Any deeper pullbacks could likely test the all-time low of $0.0704.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
