Pi Network price forecast: PI losses deepen as social interest wanes

• Tuesday brings a modest decline in Pi Network as the price tests the bearish break below support at $0.0774.
• A six-month low in PI token’s social dominance score points to waning retail interest.
• Sellers are targeting the record low of $0.0704, with PI’s technical outlook tilted to the downside.

A decline of nearly 2% on Tuesday leaves Pi Network (PI) extending the previous day’s losses, with a risk of further weakness towards its record low of $0.0704. Meanwhile, the token’s social dominance score has reached a six-month low, indicating diminished social interest. As the correction gathers pace, the technical picture for PI remains bearish.

PI loses ground in online crypto discussions

A shrinking share of crypto-related online discussions is weakening Pi Network’s social positioning. According to Santiment data, PI token’s social dominance fell to 0.03% on Monday, its lowest reading in six months, while social volume stood at 2. The figures point to less market discussion of PI, an important bullish catalyst linked to speculative demand. 

Technical outlook: Pi Network remains exposed to further declines

At around $0.0772 on Tuesday, Pi Network continues its long-term downtrend beneath a descending resistance trendline near $0.0838, drawn through the highs of 20 June and 22 August. The declining price also remains below the 50-period Exponential Moving Average (EMA) at $0.0862 and the 200-period EMA at $0.1221.

Momentum indicators support the subdued outlook. The Relative Strength Index (RSI) is holding around 35, while Moving Average Convergence Divergence (MACD) remains in negative territory alongside a slightly negative histogram, suggesting sellers retain control of the near-term direction.

Should a break below the 8 October low of $0.0774 be confirmed, the decline could reach the swing low at $0.0704. Further falls would take PI into downside price discovery.

Any recovery would first encounter resistance around $0.0838, where a break above the downtrend would occur. Just beyond lies a tight resistance cluster comprising the 50-period EMA at $0.0862 and the 23.6% Fibonacci retracement at $0.0867, measured from $0.1394 to $0.0704. Further barriers are marked by the 50% retracement level at $0.1049 and the 200-day EMA at $0.1221.

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