Pi Network Stuck Below $0.10 as Risk-On Sentiment Fades
Pi Network (PI) is struggling to break above the $0.10 level as the broader cryptocurrency market's risk-on sentiment begins to fade. The Fear and Greed Index, which measures investor sentiment, has dropped from 78 last week to 70 on Thursday, indicating reduced bullish intent among crypto investors.
The retail buzz surrounding Pi Network is also muted, with social chatter reaching only 0.01% of the overall crypto-related discussions, according to Santiment data. This suggests that retail demand for Pi Network is low.
From a technical perspective, PI token trades above its 20-day and 50-day Exponential Moving Averages (EMAs), but remains capped below the $0.10 level and the 100-day EMA at $0.1060. A confirmed breakout above these levels could potentially open the path to $0.1168.
However, if PI breaks lower, it would expose deeper Fibonacci support at the 23.6% retracement near $0.0854 and the prior cycle low area around $0.0703.