Pi Network’s PI token continued trading above the key short-term support zone at $0.085 after a volatile move higher and sharp reversal. On Saturday, August 22, PI climbed to $0.11 before falling 18% from the session high to close at $0.09.
The rally likely followed Pi Network’s announcement that the Protocol 26 upgrade had been completed on Pi Mainnet. However, the rapid price increase and subsequent profit-taking weakened the token’s bullish outlook.
PI Faces Strong Rejection Above $0.10
PI bulls managed to push the token above $0.10, a key psychological level that has acted as a supply zone since July. The breakout, however, lasted only a few hours before sellers took control.
The resulting pullback briefly swept the $0.085 support zone, although the price recovered to around $0.09 over the following week.
Technical indicators remained largely flat. PI’s OBV showed no clear trend over the previous six weeks, while the MACD recovered from deeply bearish momentum toward more neutral conditions without turning bullish.
The broader daily market structure also remained bearish. Fibonacci retracement levels identified the $0.113-$0.124 area as key resistance, where another rejection could support a continuation of the downtrend.
PI Crypto Traders Should Watch the $0.084-$0.093 Range
The four-hour chart showed a range formation between $0.084 and $0.093. The lower boundary aligned closely with the short-term demand zone near $0.085.
Buyers defended this support, keeping near-term bullish prospects alive. Even so, the technical indicators on the four-hour timeframe continued to signal indecision between buyers and sellers.
A breakout above the $0.093 range high, supported by strong buying volume, could send PI toward $0.113. However, swing traders should note that the higher-timeframe price structure remains bearish.
PI Price Outlook
The PI crypto breakout above $0.10 last week likely followed the completion of the Protocol 26 upgrade on Pi Mainnet.
Sellers used the move to take profits, making it more difficult to maintain a bullish case for the PI token in the coming weeks.
Source: cryptonews.net
