Pi Network Price Forecast: Weak crypto sentiment keeps PI recovery in check

• $0.0760 is Pi Network’s trading level on Tuesday. This follows a rebound of roughly 2% a day earlier.
• Below 50, the Fear and Greed Index points to fading investor interest in crypto assets, alongside falling cryptocurrency trading volumes.
• With price gains capped and momentum still subdued, PI’s technical outlook remains tilted to the downside.

$0.0760 remains below Pi Network (PI) at press time on Tuesday. The token is holding steady above that level, with its recovery stalling after the previous day’s roughly 2% rebound. Subdued sentiment across the broader market and lower trading volumes are weighing on PI. Technically, the outlook remains bearish: price is constrained beneath a long-term resistance trendline, while momentum is weak.

PI Under Pressure as Broader Market Weakens

Ahead of potentially volatile events, investor appetite for the broader cryptocurrency market is fading. These include 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 bottom of the neutral zone, having stood at 51 last week. 

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

Retail participation in Pi Network is weakening in a similar fashion. On Tuesday, PI futures Open Interest (OI) totals $8.01 million, according to CoinAnk, compared with $8.36 million last week. This signals a fall in the notional value of active positions. A drop in OI typically refers to a lower spot price or a wipeout of positions.

PI Technical Outlook: Weak Momentum Limits Recovery Prospects

$0.0763 is Pi Network’s price at press time on Tuesday. The bearish bias persists as PI remains below its 50- and 200-day Exponential Moving Averages (EMAs), at $0.0840 and $0.1163, respectively. The descending resistance trendline at $0.0807 also continues to limit recovery attempts.

Near 36, the Relative Strength Index (RSI) remains close to oversold territory, underscoring fragile momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) line is flattening just beneath zero. Both indicators suggest selling pressure is persisting.

Any advance would first encounter resistance at the former trendline near $0.0807. The next barriers are the 50-day EMA at $0.0840 and the 23.6% Fibonacci retracement at $0.0866, calculated 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 hurdle to a corrective recovery.

If the pair falls further, the Fibonacci anchor near $0.0704 provides the only nearby structural support. Buyers could try to slow the ongoing downtrend at that level.

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