Pi Network's Price Pulls Back Amid Bearish Technical Signals

The price of Pi Network's cryptocurrency token, PI, has seen a pullback after reaching $0.11 on August 22nd. The token initially surged higher following the completion of Protocol 26 upgrade on Pi Mainnet, but quickly retreated by 18% to close the daily session at $0.09.

The bulls were unable to sustain the momentum past $0.10, a key round-number level that has been a supply zone since July. The technical indicators, including OBV and MACD, showed indecisiveness between bears and bulls.

Despite the pullback, PI's price remains above the short-term support zone at $0.085. However, the bearish swing structure on the daily timeframe suggests that the token may still face resistance at $0.113-$0.124 range.