Pi Network Price Forecast: PI holds modest gains as mixed technicals curb upside
- Pi Network is up nearly 2% on Friday, holding above the $0.0744 support level and extending its consolidation range.
- The Fear and Greed Index at 49 amid rising long liquidations suggests neutral-to-bearish crypto market sentiment.
- Pi Network’s technical outlook is mixed as the price approaches a long-term resistance trendline at $0.0823.
Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations. Pi Network's price must surpass the overhead trendline near $0.0823 to sustain an upward trend.
Crypto market loses bullish traction
The broader cryptocurrency market shows signs of easing investors’ risk appetite. The Fear and Greed Index slips to 49 on Friday, down from 69 on October 1, indicating that bullish sentiment is easing toward neutral levels.
On the other hand, CoinGlass data shows $423 million in long liquidation on Thursday, compared to $38.18 million in short liquidation, suggesting sell-side dominance. Taken together, the buy-side weakness aligns with the heightened unwinding of long positions.
Technical outlook: Will Pi Network regain a bullish trend?
Pi Network trades at $0.0800 at press time on Friday, showing another bullish rebound attempt from the $0.0774 support level. The PI token maintains a bearish near-term bias as the price remains capped below the declining resistance trendline, connecting the June 20 and August 22 highs around $0.0823.
In addition, the price sits below the 50-period Exponential Moving Average (EMA) at $0.0855 and the 200-period EMA near $0.1228, reinforcing a capped tone. A confirmed breakout above the trendline at $0.0823 could extend the rally toward the 50-period EMA at $0.0855, which is reinforced by the 23.6% Fibonacci retracement at $0.0866, measured from $0.1394 to $0.0704.
Momentum gains mild upward traction on the daily chart, with Moving Average Convergence Divergence (MACD) marginally rising above its signal line, while the Relative Strength Index (RSI) is around 43, hinting at stabilization rather than a decisive recovery.
On the downside, the next meaningful support is at the October 8 low of $0.0774, followed by the Fibonacci cycle low around $0.0704, where buyers could attempt to build a more durable base if the current slide continues.
(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
