Pi Network Price Forecast: Could PI face another leg down as the broader crypto market retreats?

• Thursday’s modest decline brings Pi Network closer to this month’s low near $0.0740.
• Investors’ appetite for risk continues to weaken, with the Fear and Greed Index slipping to 43 on Thursday.
• Mounting selling pressure leaves PI’s technical outlook pointing to further losses.

Bearish sentiment weighs on Pi Network (PI) on Thursday as the token moves towards near-term support around $0.0740. A decline in the Fear and Greed Index to 43 on Thursday, alongside total liquidations exceeding $350 million in the last 24 hours, signals weaker investor risk appetite and a bias towards selling. Rising selling pressure also keeps PI’s technical outlook bearish.

Why is the broader market under pressure?

Selling intensified across the cryptocurrency market on Thursday after the US Federal Reserve (Fed) held interest rates at 3.75%-4.00% the previous day. Of the $355 million in total liquidations recorded over the last 24 hours, $207 million came from long positions, according to CoinGlass data, reinforcing the selling bias. Further evidence 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: Can Pi Network arrest its decline as selling pressure builds?

The near-term outlook remains bearish for Pi Network, which trades at $0.0754 at the time of writing on Thursday. With PI below both its 50-day Exponential Moving Average (EMA) of $0.0835 and its 200-day EMA of $0.1131, the scope for gains remains constrained.

Another barrier sits near $0.0799, where the descending trendline linking the June 20 and August 22 highs continues to hold above the price. Restoring an uptrend would require PI to clear the overhead resistance cluster formed by this declining 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 points to persistent downward pressure, though without decisive capitulation into oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) is flattening near the zero line, indicating that bearish momentum remains weak but has not abated.

If prices fall further, the October 22 low of $0.0740 provides the next significant support, ahead of the Fibonacci anchor at $0.0704. A breach of the latter could allow the prevailing downtrend to extend more deeply.

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