Pi holds above $0.085 support as crypto market recovery loses momentum
Key takeaways
- Pi Network trades around $0.0900 on Wednesday, maintaining mild upside momentum above the critical $0.0853 support.
- The broader cryptocurrency market is retreating as investors take profits following last week's double-digit gains.
- A break above $0.1022 could open the path toward $0.1204.
Pi Network is showing modest upside movement on Wednesday, with PI trading around $0.0900 and remaining above an important technical support level.
However, the broader cryptocurrency market's recovery is losing momentum as investors lock in profits following last week's sharp gains. PI's technical indicators also remain mixed, reflecting a lack of decisive buying pressure.
Profit-taking slows the crypto market rally
The broader cryptocurrency market is edging lower this week after several major assets recorded double-digit gains during the previous week.
CoinGlass data shows that approximately $373 million in leveraged positions was liquidated over the past 24 hours. Long positions accounted for $310 million of that total, indicating that the latest pullback caught bullish traders off guard.
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