Pi Network (PI) Hesitates Before Key Resistance... Risk Appetite Continues

▲ Pi Network (PI)/ChatGPT generated image ©

Pi Network (PI) is attempting to break past $0.0917 again, a critical juncture for a short-term upward reversal, after rebounding approximately 2%. Although the crypto market's Fear and Greed Index remains at 68, indicating risk appetite, PI is still below its major moving averages. Therefore, whether it can definitively surmount $0.0917 has emerged as key for further rebound.

According to investment media FXStreet on September 29 (local time), PI traded around $0.09050 on Tuesday, rebounding approximately 2% after falling more than 2% the previous day. CoinMarketCap's Fear and Greed Index decreased from 78 last week to 68 but still significantly exceeds the neutral zone, indicating a continued overall market risk-on sentiment. If this investment sentiment persists, it could support investment sentiment for altcoins, including PI, in conjunction with the planned v28 protocol upgrade.

However, technically, PI has not yet escaped its short-term bearish trend. The current price remains below the first resistance level, the 50-day Exponential Moving Average (EMA) of $0.0917. The 100-day EMA is at $0.1008, and the 200-day EMA is at $0.1337, both significantly higher than the current price, indicating that a larger downtrend is maintained.

The first hurdle for a rebound is $0.0917. If PI definitively breaks through the 50-day EMA, it could target the 50% Fibonacci Retracement level of $0.0990, which spans the decline from $0.1341 to $0.0704. Just above this level is the 100-day EMA at $0.1008, suggesting that $0.0990-$0.1008 is the next major resistance zone.

Momentum indicators show no clear direction. The daily RSI (Relative Strength Index) hovers around 50, a neutral level, and the MACD (Moving Average Convergence Divergence) is slightly above its signal line. This analysis suggests that the price is likely to consolidate and search for direction for a while, rather than indicating a strong trend reversal.

Conversely, if PI fails to break through $0.0917 and retreats again, the 23.6% Fibonacci Retracement level of $0.0827 will act as the first support. If this price also breaks, the risk of decline could extend to around the cycle low of $0.0704. While the overall market risk-on sentiment supports PI's rebound, an upward movement past the 50-day EMA of $0.0917 is ultimately needed to confirm a short-term upward reversal.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*