Pi Network Price Forecast: Mixed technicals limit upside as PI retains modest gains

• A gain of nearly 2% on Friday keeps Pi Network above support at $0.0744 as its consolidation range extends.
• A reading of 49 on the Fear and Greed Index, alongside increased long liquidations, points to neutral-to-bearish sentiment across the crypto market.
• With long-term trendline resistance at $0.0823 drawing closer, Pi Network’s technical signals remain mixed.

A 2% advance on Friday signals a recovery attempt in Pi Network (PI), despite near-term weakness across the wider cryptocurrency market. Rising long liquidations accompany a shift in crypto sentiment from bullish to neutral. For Pi Network's price to sustain an uptrend, it needs to break above the overhead trendline near $0.0823.

Crypto market bullish momentum fades

A fall in the Fear and Greed Index to 49 on Friday, from 69 on 1 October, points to waning investor risk appetite across the broader cryptocurrency market. The decline indicates a shift away from bullish sentiment towards neutral levels. 

Meanwhile, Thursday's long liquidations totalled $423 million, against $38.18 million in short liquidations, according to CoinGlass data. The imbalance suggests sellers are dominant, with subdued buying interest consistent with the increased unwinding of long positions. 

Technical outlook: Pi Network faces resistance to a renewed uptrend

At $0.0800 at the time of writing on Friday, Pi Network is attempting another bullish rebound from support at $0.0774. However, the PI token's near-term bias remains bearish while its price is capped by the descending resistance trendline linking the highs of 20 June and 22 August, around $0.0823.

Trading below both the 50-period Exponential Moving Average (EMA) at $0.0855 and the 200-period EMA near $0.1228 further underlines the constraints on price gains. If a breakout above trendline resistance at $0.0823 is confirmed, the rally could extend towards the 50-period EMA at $0.0855. That resistance is reinforced by the 23.6% Fibonacci retracement level at $0.0866, measured from $0.1394 to $0.0704.

On the daily chart, momentum is edging higher as the Moving Average Convergence Divergence (MACD) moves marginally above its signal line. With the Relative Strength Index (RSI) around 43, however, the indicators suggest stabilisation rather than a decisive recovery.

If the current decline persists, the next significant downside support lies at the 8 October low of $0.0774. Beyond that is the Fibonacci cycle low around $0.0704, where buyers could try to establish a more durable base.

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