Pi Network’s PI token was trading around $0.1300 on Thursday, down about 1% over the past 24 hours as the broader cryptocurrency market struggled to hold a nascent rebound. The retreat comes amid weakening risk appetite, with derivatives positioning showing more long exposure being forced out than short bets, and investors bracing for the Federal Reserve’s first rate decision under new leadership.
Market participants are now focused on whether PI can defend the $0.1300 area, after a brief push above a key descending trendline failed to extend higher. A loss of that level could reopen downside pressure toward lower support zones.
Key takeaways
- Price move: Pi Network’s PI traded near $0.1300, slipping roughly 1% in the last 24 hours.
- Catalyst: Broader crypto sentiment weakened as Bitcoin slid back below $65,000 and investors assessed the prospect of a more hawkish Fed stance.
- Derivatives signal: CoinGlass data cited by the article showed about $311 million in long liquidations versus about $129 million in short liquidations, indicating persistent downside leverage.
- Key implication: A daily close below $0.1300 could invalidate a recent bullish breakout and raise the odds of a move toward $0.1186 and possibly $0.1000.
What drove the market’s pullback
The broader crypto complex lost momentum, with Bitcoin falling back under the $65,000 level amid concerns that the U.S. Federal Reserve may lean more hawkish under new leadership. The article also pointed to deteriorating risk sentiment among retail and market participants, as reflected in the Fear and Greed Index.
According to the article, CoinMarketCap’s Fear and Greed Index fell to 21 on Thursday from 25 on Monday, moving sentiment closer to the “Extreme Fear” zone. That shift matters for altcoins like PI because it typically coincides with reduced willingness to add risk and a greater likelihood that rallies fade quickly.
Derivatives data adds to bearish pressure
Derivatives positioning, as described in the article, continues to favor bears. CoinGlass data cited by the article showed roughly $311 million of long positions were liquidated on Wednesday, compared with about $129 million in short liquidations.
That imbalance suggests leverage is still being punished on the long side, which can amplify selloffs if technical levels break. In practical terms for investors, heavy long liquidations often leave fewer buyers willing to step in immediately after an initial bounce.
Technical levels: PI tests a critical breakout area
On the technical front, the article said PI’s 4-hour structure remains constructive despite the latest retracement. The token had briefly moved above a descending trendline near $0.1300, a level that previously rejected several recovery attempts—an encouraging development for bulls.
However, the current pullback raised doubts about whether that move could sustain. The article warned that a daily close below $0.1300 could invalidate the breakout and reinforce the broader bearish trend.
Momentum indicators cited in the article were also turning more cautious. The MACD histogram remains above the zero line but has been contracting, while the signal lines are approaching a potential bearish crossover—signals consistent with weakening buy momentum. Meanwhile, the Relative Strength Index (RSI) is hovering near 50, implying subdued demand and limited conviction from buyers.
If selling pressure extends and PI slips below $0.1300, the article highlighted potential downside zones at $0.1186 and then $0.1000. A break below these supports would likely confirm that the rebound was short-lived.
On the upside, the article identified near-term resistance hurdles at $0.1471 and $0.1606. It suggested that a sustained move above those levels would improve the technical outlook and increase the likelihood of a more durable recovery.
Market reaction and what to watch next
For now, the technical picture described in the article points to a market that is still undecided: PI is at a decision point where buyers must defend support to prevent a failed breakout scenario. At the same time, macro-driven risk sentiment—linked to expectations for the Fed—remains a key swing factor for crypto pricing.
Investors will likely watch the next session’s ability to hold $0.1300, follow-through on whether PI can reclaim and sustain moves above key moving averages referenced in the article, and the broader market’s response to the Federal Reserve’s first rate decision under new leadership. Additional confirmation may come from further derivatives data on liquidation flows and from renewed moves in Bitcoin, particularly around the $65,000 level.
