Pi Network Price Forecast: PI lacks bullish momentum as broader market recovers

• Pi Network hovers above $0.0890 on Thursday, after three consecutive days of gains.
• Broader crypto market sentiment improves with the US Treasury bond buyback. 
• The technical outlook for PI indicates a mild upside bias but lacks decisive momentum.

Pi Network (PI) is trading around $0.0890 at press time on Thursday, sustaining its three-day recovery earlier this week. Renewed risk-on sentiment in the crypto market, with the US Treasury bond buyback, boosts Bitcoin (BTC) toward $70,000, while PI lacks the bullish drive. PI token must clear the $0.1000 psychological threshold for an extended rally.

Pi Network lacks decisive retail strength as broader market rises

The US Treasury said it would at least double the maximum size of its liquidity support for buyback operations, from $2 billion to $4 billion per operation. This effort to curb rising borrowing costs has eased long-term bond yields and lifted investors' confidence in high-risk assets such as cryptocurrencies. 

However, Pi Network remains one of the few underperforming altcoins, lagging behind the broader crypto market recovery. CoinAnk data shows a mild increase in PI retail speculation, with Open Interest rising to $9.30 million from $8.82 million the previous day, but remaining well below the July 15 peak of $12.14 million. 

Taken together, Pi Network struggles to capitalize on the brief risk-on sentiment phase in the crypto market, suggesting reduced investor interest. 

Technical outlook: Could PI rebound toward $0.10?

Pi Network trades around $0.0890 on Thursday, keeping a neutral near-term tone. The price continues its steady recovery, with three consecutive bullish daily closes earlier this week, totaling a 4% gain so far.

From a technical perspective, PI shows mild recovery above the 78.6% Fibonacci retracement of the $0.1341 to $0.0703 downswing at $0.0839. The immediate resistance for PI aligns with the 50% retracement at $0.1022.

Momentum is mixed on the daily chart, as the Relative Strength Index (RSI) hovers near the neutral 50 level and the Moving Average Convergence Divergence (MACD) holds marginally above the signal line as the bullish profile expands, hinting at mild upside momentum.

Looking down, the key support for PI remains the 78.6% Fibonacci retracement level at $0.0839, guarding the downside to the $0.0703 swing low.

(The technical analysis of this story was written with the help of an AI tool. Know more.)