Pi Network Forecast: Why does PI token remain under bearish pressure despite the network access and security upgrade?

• After successive daily declines of 1.78% and 2.33%, respectively, Pi Network steadies near $0.075 on Monday.
• With the rollout of desktop version 0.6.4, Pi Network aims to enhance remote access and security for local AI apps.
• Persistent selling pressure keeps the PI token's technical outlook bearish after its lowest-ever weekly close.

Bearish pressure continues to weigh on Pi Network (PI), although the token is steady around $0.075 on Monday. Two successive daily losses of roughly 2% left it at its lowest-ever weekly close. On Thursday, Pi Network released desktop version 0.6.4 to enhance remote access and security for local AI apps. Despite the rollout, mounting downside pressure keeps PI's technical outlook bearish.

What Does Pi Desktop Version 0.6.4 Bring?

Improved remote access and stronger security for SoloHost applications are the focus of desktop version 0.6.4, whose release was announced by Pi Core Team. The update allows users to host local AI apps through Pi Browser without configuring their home routers. It comes after the recent upgrade of the network to Protocol version 28 on October 16, aimed at addressing transaction data delays and simplifying smart contract maintenance for developers.

Technical outlook: Can Pi Network avoid a record price low?

The near-term bias for Pi Network remains bearish, with the token trading at $0.0756 at the time of writing on Monday. Its decline continues well below the long-term resistance trendline linking the June 20 and August 22 highs, near $0.0811. The broader trend also remains under pressure as PI trades beneath both the 50-day Exponential Moving Average (EMA) at $0.0844 and the 200-day EMA at $0.1195.

Continued selling pressure is also evident in the momentum indicators. The Relative Strength Index (RSI) is hovering around 33 in oversold territory, while the Moving Average Convergence Divergence (MACD) line sits slightly below zero, signalling that momentum remains weak.

Should the current $0.0756 level fail to hold, buyers seeking to buy on dips could try to arrest the decline at the swing low near $0.0704, which provides immediate support.

On the upside, the first resistance lies near $0.0811, where the trendline was broken. Beyond that, the 50-day EMA at $0.0844 and the 23.6% Fibonacci retracement at $0.0867, calculated from $0.1394 to $0.0704, form a nearby cluster of supply.

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