Pi Network Price Forecast: Can PI move out of a stall as weak crypto sentiment restrains recovery?

• Pi Network’s recovery pauses near $0.0760 on Tuesday, following a roughly 2% rebound the day before.
• Interest in crypto assets appears to be fading, as the Fear and Greed Index stays below 50 and crypto market trading volumes decline.
• Weak momentum and a cap on price gains leave PI’s technical outlook tilted to the downside.

Weak sentiment across the broader market and lower trading volumes are weighing on Pi Network (PI), which remains steady above $0.0760 at press time on Tuesday. Its roughly 2% rebound the previous day has stalled. With price held below a long-term resistance trendline and momentum subdued, the technical outlook remains bearish.

Is Broader Market Weakness Holding Back PI?

Interest in the broader cryptocurrency market is fading as investors approach events that could trigger volatility, including the US midterm elections on November 4 and the US Federal Reserve’s interest rate decision on Wednesday. On Tuesday, CoinMarketCap’s Fear and Greed Index is down 43 points and sits near the lower boundary of the neutral zone, having been at 51 last week. 

Daily spot trading volumes across the crypto market also remain on a broadly downward path. According to CoinGlass, Monday’s daily trading volume reached $15.54 billion, compared with $8.77 billion the day before. Despite that increase, a series of lower highs has formed since September 21, when spot volume stood at $38.81 billion. The overall pattern reinforces signs of fading trader interest amid uncertainty. 

Retail participation in Pi Network is weakening in a similar fashion. PI futures Open Interest (OI) has fallen to $8.01 million on Tuesday from $8.36 million last week, according to CoinAnk data, signalling a lower notional value of active positions. A fall in OI typically points to a decline in the spot price or a wipeout of positions.

Technical outlook: What could restore PI’s strength?

The bearish bias persists as Pi Network changes hands at $0.0763 at press time on Tuesday. Recovery attempts remain constrained by the downward resistance trendline at $0.0807 and the 50- and 200-day Exponential Moving Averages (EMAs) at $0.0840 and $0.1163, respectively, with the PI token trading below all three.

Continued selling pressure is suggested by both momentum indicators. The Relative Strength Index (RSI) is near 36, approaching oversold territory, while the Moving Average Convergence Divergence (MACD) line is flattening just below zero, leaving momentum fragile.

Any upward move would first encounter resistance near $0.0807 at the previously mentioned trendline. The next hurdles are the 50-day EMA at $0.0840 and the 23.6% Fibonacci retracement at $0.0866, measured from $0.1394 to $0.0704. Further up, the 50% retracement at $0.1049 and the 200-day EMA near $0.1163 form a broader resistance zone for a corrective recovery.

Should the pair fall further, buyers could try to curb the ongoing downtrend near the Fibonacci anchor at $0.0704, the only structural support close to current levels.

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