Pi Network Price Forecast: Wider crypto market decline leaves PI at risk of further losses

• Pi Network slips on Thursday as it approaches this month’s low near $0.0740.
• A fall in the Fear and Greed Index to 43 on Thursday points to a sustained weakening of investors’ appetite for risk.
• Mounting selling pressure leaves PI’s technical outlook pointing to further declines.

With the Fear and Greed Index falling to 43 on Thursday and liquidations exceeding $350 million over the past 24 hours, investors’ risk appetite appears to be weakening, with the market tilted towards selling. Against this backdrop, Pi Network (PI) is lower on Thursday, moving towards near-term support around $0.0740. Rising selling pressure keeps PI’s technical outlook bearish.

Selling pressure intensifies across the cryptocurrency market

After the US Federal Reserve (Fed) held interest rates at 3.75%-4.00% the previous day, selling pressure across the cryptocurrency market intensified on Thursday. Total liquidations reached $355 million over the past 24 hours, according to CoinGlass, including $207 million in long liquidations, reinforcing the market’s sell-side bias. A further sign of steadily weakening investor sentiment comes from CoinMarketCap’s Fear and Greed Index, which falls to 43 on Thursday from 48 last week.

Technical outlook: Rising selling pressure drives further losses in Pi Network

At $0.0754 at the time of writing on Thursday, Pi Network retains a bearish near-term bias. Both the 50-day Exponential Moving Average (EMA) at $0.0835 and the 200-day EMA at $0.1131 remain above the PI token’s price, reinforcing the constraints on its upside.

Further overhead resistance comes from the descending trendline linking the highs of 20 June and 22 August, near $0.0799, with the price still trading below it. A renewed uptrend would require PI to clear the resistance cluster formed by that trendline near $0.0799 and the 50-day EMA at $0.0835. Such a move could pave the way towards $0.1049, the 50% retracement of the decline from $0.1394 to $0.0704.

A Relative Strength Index (RSI) reading around 34 signals continued downside pressure, though without a decisive oversold capitulation. Meanwhile, the Moving Average Convergence Divergence (MACD) is flattening near the zero line, suggesting that bearish momentum persists, albeit weakly.

Below the current price, the next significant support lies at $0.0740, the low recorded on 22 October. The Fibonacci anchor at $0.0704 follows; a break below it could allow the prevailing downtrend to extend further.

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