Pi Network tops $0.09 as the broader crypto market rally

Key Takeaways

• Pi Network (PI) is valued at $0.09 following three straight days of positive daily closes earlier in the week.
• While a boost in risk appetite driven by expanded US Treasury bond buybacks lifted Bitcoin toward $70,000, PI has continued to lag behind the wider market.
• To sustain its upward momentum, the token needs to clear the psychological $0.1000 mark and cross the 50% Fibonacci retracement level at $0.1022.

On Thursday, Pi Network (PI) hovered near $0.090. While the token maintained the gains from its three-day rebound earlier in the week, it continued to trail the broader cryptocurrency market’s performance.

A surge in investor confidence pushed Bitcoin past $71,000, spurred by the US Treasury’s decision to scale up its buyback operations for longer-term securities. Despite this favorable macroeconomic backdrop, PI has struggled to generate enough buying momentum to mirror the broader market’s gains.

For a more durable bullish trend to take hold, the asset must first break through the psychological barrier at $0.1000.

Macro Boost: Treasury Buybacks Reinvigorate Crypto Markets

The US Treasury recently revealed plans to double the maximum limit of its liquidity-support buyback transactions, raising the cap from $2 billion to $4 billion per operation. This measure is designed to inject liquidity into the longer-term bond market and alleviate anxieties over climbing borrowing costs.

The resulting improvement in bond market liquidity, coupled with softening long-term yields, has bolstered appetite for riskier assets like digital currencies. Consequently, Bitcoin surged toward $70,000, accompanied by strong rallies across major altcoins.

Pi Network, however, has failed to join the rally, remaining one of the market’s underperformers. Although derivatives data points to a minor rise in speculative interest for PI, retail demand remains muted.

According to data from CoinAnk, PI futures Open Interest edged up to $9.30 million from the previous day’s $8.82 million. While rising Open Interest typically indicates that traders are opening new positions, the current figure is still far below the $12.14 million peak recorded on July 15.

This sluggish growth suggests that market participants are reluctant to deploy significant capital into PI, even as favorable macroeconomic conditions fuel risk-taking elsewhere. Without a more pronounced influx of capital, the token may continue to lag behind its peers.

Technical Analysis: Will PI Break the $0.10 Barrier?

As of Thursday, PI was trading near $0.090, keeping its short-term outlook neutral. Earlier in the week, the token achieved three consecutive positive daily closes, yielding a modest cumulative return of roughly 4%.

Furthermore, PI climbed above the 78.6% Fibonacci retracement level of $0.0839, calculated from its decline from $0.1341 down to $0.0703. Staying above this threshold leaves the door open for a continued recovery, though substantial overhead resistance looms near $0.1000.

The token’s immediate technical hurdle lies at the 50% Fibonacci retracement level of $0.1022. A decisive daily close above the $0.1000 to $0.1022 range could spark stronger bullish momentum and draw in retail buyers, signaling that PI is finally capitalizing on the broader market’s positive momentum. Conversely, failing to clear this resistance could lock the token in its current range and invite further selling pressure.

Daily momentum indicators suggest a hesitant recovery rather than a strong bullish trend. The Relative Strength Index (RSI) is hovering around the neutral 50 mark, showing that neither bulls nor bears have established control. At the same time, the Moving Average Convergence Divergence (MACD) remains slightly above its signal line with a slowly expanding bullish histogram, reflecting weak upward pressure.

For PI’s short-term prospects to improve, the RSI needs to break decisively above 50, supported by further MACD expansion and rising Open Interest.

On the downside, the 78.6% Fibonacci retracement at $0.0839 serves as crucial support. Buyers must defend this level to keep the recovery alive; a clean break below $0.0839 would likely cancel out the recent gains and bring the swing low of $0.0703 back into focus. Conversely, holding above $0.0839 while pushing toward $0.1000 keeps the recovery thesis intact.