Pi Network Price Forecast: PI reclaims 50-day EMA as overhead resistance looms near $0.10

• Pi Network hovers above $0.0950 on Friday after four consecutive days of gains totaling over 5%.
• Santiment data shows PI social dominance on the rise amid broader market risk-on sentiment, signaling upside potential.
• The technical outlook for PI is bullish as price reclaims the 50-day EMA at $0.9388, with next resistance around $0.10.

Pi Network (PI) edges lower on Friday, holding steady above its 50-day Exponential Moving Average (EMA) around $0.09388 after four consecutive days of recovery. PI token gains mild social dominance amid improving risk appetite in the broader crypto market. The technical outlook for PI indicates a mild bullish bias as the price holds above the 50-day Exponential Moving Average (EMA) at $0.9338, with bulls eyeing the $0.10 threshold. 

PI token’s social dominance recovers

Pi Network shows upside potential amid rising social interest. Santiment data shows the PI social dominance rising to 0.020%, from 0.00705% the previous day, suggesting an increased share of Pi Network-related discussions in the crypto media. 

At the same time, the broader crypto market maintains a bullish sentiment amid reduced chances of a rate hike at the US Federal Reserve’s September meeting, as previously reported by FXStreet.

Technical outlook: Will PI extend its recovery?

Pi Network trades around $0.0952 at press time on Friday, sustaining its 5% gains after four consecutive days of recovery. The PI token holds a capped bias as it trades below the 100-day and 200-day EMAs at $0.1074 and $0.1459, respectively, despite reclaiming the short-term support at the 50-day EMA around $0.0938.

The Relative Strength Index (14) hovers near 59, indicating firm but not extreme bullish momentum.

From a technical perspective, the $0.1000 psychological threshold, which aligns with the 50% retracement of the $0.1341-$0.0703 downswing at $0.1022, acts as a crucial resistance cluster. A confirmed breakout above this zone could target the 100-day EMA at $ 0.1074, followed by the 78.6% Fibonacci retracement at $0.1204.

On the downside, initial support is seen at the 50-day EMA at $0.0938, followed by the 23.6% Fibonacci retracement level at $0.0853. A daily close below this level would expose the $0.0703 record low and keep the broader bearish structure intact.

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