Pi Network Price Forecast: PI comes under pressure as markets sell off after US midterm elections

• At around $0.0750 on Friday, Pi Network remains in a downtrend, with a long-term resistance trendline continuing to cap prices.
• More than $1 billion in crypto long positions were liquidated on Thursday as a broad retreat from risk reversed the post-election rally.
• Persistent selling pressure keeps the technical outlook for PI bearish.

More than $1 billion was wiped from the crypto market after the US midterm results prompted a sell-off in US technology shares, with Pi Network (PI) continuing to draw sellers. Against a backdrop of sustained selling pressure and weakening crypto market sentiment, PI’s decline risks extending below its record low of $0.0704.

Crypto market retreats after US midterm results

Over $1 billion in long positions were liquidated as cryptocurrencies slumped on Thursday. The decline reflected concerns that Democratic control of the US Senate and House of Congress could bring tighter regulation of crypto and AI, as FXStreet previously reported. Meanwhile, CoinMarketCap’s Fear and Greed Index fell from 36 last week to 31 on Friday. The reading points to continued risk aversion, despite a short-lived recovery on Tuesday, when the midterm results were released. 

High-risk crypto assets such as PI typically come under pressure when uncertainty grips the wider market. For investors hoping for a relief rally, greater political clarity in the US may be needed first.

Technical outlook: PI faces a test of its final support

Trading at around $0.0756 at the time of writing on Friday, Pi Network retains a bearish near-term bias. The 50-day and 200-day Exponential Moving Averages (EMAs), at roughly $0.0817 and $0.1101 respectively, remain well above PI’s price.

As its positive histogram fades, the Moving Average Convergence Divergence (MACD) risks slipping below its signal line. Meanwhile, a Relative Strength Index (RSI) reading near 37 points to weak momentum and a drift towards oversold territory.

The 15 October low of $0.0740 provides the only nearby structural support. Below that lies the record low of $0.0704, reached on 14 July, where buyers may attempt to protect the current range should selling pressure return.

An advance would first encounter resistance around $0.0770, near the trendline break area, before reaching the 50-day EMA at $0.0817. Further barriers lie at the 50% retracement level around $0.1049, calculated from $0.1394 to $0.0704, and then at the 200-day EMA of $0.1101.

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