Pi Network Price Forecast: Weak crypto sentiment keeps PI stalled and limits recovery

• Around $0.0760, Pi Network is little changed on Tuesday following the previous day’s rebound of roughly 2%.
• A Fear and Greed Index reading below 50, alongside falling cryptocurrency trading volumes, points to fading investor appetite for crypto assets.
• Weak momentum and resistance limiting price gains leave PI’s technical outlook tilted to the downside.

Above $0.0760 at the time of writing on Tuesday, Pi Network (PI) has steadied as the previous day’s roughly 2% recovery stalls. Subdued sentiment across the wider market and lower trading volumes are weighing on the PI token. With the price still below a long-term resistance trendline and momentum weak, the technical picture remains bearish.

PI comes under pressure from wider market weakness

Ahead of potentially volatile events, investor appetite for the wider cryptocurrency market is fading. These include the US midterm elections on 4 November and the US Federal Reserve’s interest rate decision on Wednesday. On Tuesday, CoinMarketCap’s Fear and Greed Index has fallen by 43 points and is hovering towards the lower end of neutral territory, down from 51 last week. 

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

Retail participation in Pi Network is weakening in a similar fashion. At $8.01 million on Tuesday, PI futures Open Interest (OI) is below last week’s $8.36 million, CoinAnk data shows. This points to a lower notional value of outstanding positions. A fall in OI typically reflects either a drop in the spot price or positions being wiped out.

Technical outlook: PI remains under pressure

At $0.0763 at the time of writing on Tuesday, Pi Network retains its bearish bias. Recovery attempts remain constrained by the descending resistance trendline at $0.0807, as well as the 50- and 200-day Exponential Moving Averages (EMAs) at $0.0840 and $0.1163, respectively. The PI token trades below all three.

Selling pressure appears persistent across both momentum indicators. The Relative Strength Index (RSI) is around 36, near oversold territory, while the Moving Average Convergence Divergence (MACD) line is levelling off just below zero, leaving momentum fragile.

Any recovery would first encounter resistance at the former trendline near $0.0807. Beyond that lie 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 barrier to a corrective recovery.

Should the pair fall further, buyers could try to arrest the downtrend near $0.0704. This Fibonacci anchor marks the only nearby structural support.

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