Pi Network maintained close to $0.09 on Wednesday, with a short line still above $0.0853. However, following the double-digit increase recorded last week in a variety of encrypted assets, the market began to fall back this week, benefiting from the rising mood of the knot and slowing Pi’s rebound.

Market reversals lead to multiple liquidations.

The CoinGlass data show that some $373 million in leverage positions has been liquidated in the past 24 hours of the encryption market, many of which were approximately $310 million. This means that the latest round of kickbacks has hit even harder at watchers, and market short-term sales pressure has increased.

Despite the fall in prices, the overall mood remains heated. CoinMarketCap's index of encrypted fear and greed, 80 on Wednesday, remains in the “extreme greed” zone, showing that market risk preferences have not been significantly cooled.

$0.0853 remains short-line key

From the current trend, Pi remains above the supporting position of $0.0853. This position corresponds to 23.6 per cent of the previous drop-off, with a high point of 0.1341 and a low point of 0.0703.

As long as the price remains in place, Pi retains the space to continue the recovery. If, however, the purchase is not further amplified, the price resistance above will still limit the rebound.

The upper resistance looks at $1.022.

Pi's next main resistance position is 0.1022, corresponding to 50% of the retreat. The position, which had suppressed a round of rebounds in mid-July, remains the current top-level juncture requiring attention.

If US$ 0.1022 were on a dayline station, the price would have had the opportunity to explore further US$ 0.1204, corresponding to 78.6 per cent of the retreat. If we can get through the 0.10 integer level, it may also bring more buy-in attention.

However, the current kinetic energy indicators still do not give a clear signal of a shift. The MCD day line is still slightly above the signal line, but the distance between the two lines is narrower, indicating limited movement. RSI is about 51 and is in a neutral area, reflecting a temporary balance between buyers and sellers.

If the solar line falls by US$0.0853, Pi ' s short-line repair movement may be interrupted at a price or again look back at the low point of US$0.0703. If it continues to be organized above that position, there is still a possibility of a subsequent test of $ 0.1022.