Pi Network Price Forecast: PI declines further, risking fresh record lows
- Pi Network extends losses on Tuesday, following a roughly 7% decline the previous day.
- Crypto market sentiment deteriorates, weighing on community-driven tokens.
- The technical outlook for PI is bearish, with next support at the $0.0700 record low.
Pi Network (PI) price is trading in the red on Tuesday, extending losses after a 7% decline the previous day. The PI token faces intense downside pressure as broader crypto market sentiment deteriorates, risking a steeper decline below the record low of $0.0700.
Pi Network risks further downside as the crypto market sentiment declines
The broader crypto market faces renewed selling pressure this week. CoinGlass data shows $604 million in total liquidation, led by $531 million of long liquidation, reflecting a sell-side bias.
At the same time, CoinMarketCap’s Fear and Greed Index is at 34, down from 39 on Sunday as the market sentiment shifts risk-off from neutral. Given the strong correlation between the PI token and crypto market sentiment, risk-off conditions increase downside risk. CoinAnk data show a steady decline in PI Open Interest (OI) to $7.94 million, down from $12.14 million on July 15.
How low will Pi Network go?
Pi Network maintains a bearish near-term bias as price remains well below the 50- and 200-day Exponential Moving Averages (EMAs) at $0.1064 and $0.1719, respectively. From a technical perspective, PI has been trending downward within a falling channel pattern on the daily chart for roughly three months.
The PI token has shown a steady decline over the last week, approaching its recent low of $0.0700. A sustained close below this level could target the 200% Fibonacci extension level at $0.0368, measured from $0.1998 to $0.1183.
The Directional Movement Index shows a widening gap between the negative and positive DI lines, while the ADX line stabilizes near 39, hinting at renewed momentum.
On the topside, initial resistance is located at the 127.2% Fibonacci extension level at $0.0961, followed by the overhead trendline near the $0.1000 psychological mark.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
