Pi Network Sees Breakout Hopes Above $0.10 Amid Crypto Market Recovery
The Pi Network has experienced its fifth consecutive day of trading in the green as risk appetite improves across the broader cryptocurrency market.
The technical outlook for PI is mildly bullish, with bulls eyeing a breakout above $0.1000, a key resistance level that aligns with the 50% retracement of the downswing from $0.1341 to $0.0703.
The broader cryptocurrency market has extended its recovery this week following the announcement of US Treasury long-term bond buybacks, which increased to $4 billion and lowered yields, renewing risk-on sentiment for high-risk assets.
Crypto market's Fear and Greed Index is at 69, suggesting a firm bullish sentiment among crypto investors, increasing the odds for a rebound in altcoins. Additionally, the crypto market recorded $1.84 billion in liquidations over the last 24 hours, with $1.02 billion from short positions.
A confirmed breakout of $0.1022 could signal a bullish trend reversal in the PI token, targeting the 78.6% retracement level at $0.1204.