Pi Network Bounces Back Amid Broader Crypto Market Risk-On Sentiment
The Pi Network (PI) is showing signs of a mild recovery after losing over 2% in the previous day. The cryptocurrency market as a whole remains risk-on, which could bode well for altcoins like PI.
The CoinMarketCap Fear and Greed Index stands at 68, down from last week's 78 but still above the neutral zone. This suggests that investors are maintaining their risk appetite, which may fuel interest in the upcoming v28 protocol upgrade for Pi Network.
From a technical standpoint, PI is currently trading below its 50-day Exponential Moving Average (EMA) at $0.0917. To reclaim a bullish tone, the token needs to break above this resistance level. The broader downtrend remains intact, with the 100-day EMA at $0.1008 and the 200-day EMA at $0.1337 holding far above the current price.
The Relative Strength Index (RSI) is hovering around 50 on the daily chart, indicating consolidation rather than a clear reversal. The Moving Average Convergence Divergence (MACD) is also holding just above its signal line, suggesting that momentum remains balanced.