Pi Network Price Forecast: Mixed technicals limit upside as PI maintains modest gains

• Holding above support at $0.0744, Pi Network has gained nearly 2% on Friday as its consolidation phase continues.
• Neutral-to-bearish sentiment prevails in the crypto market, with the Fear and Greed Index at 49 and long liquidations increasing.
• A mixed technical picture confronts Pi Network as its price moves towards the long-term resistance trendline at $0.0823.

Signs of a recovery in Pi Network (PI) contrast with near-term weakness across the broader cryptocurrency market, with the token gaining 2% on Friday. Rising long liquidations accompany a shift in crypto market sentiment from bullish to neutral. For Pi Network to sustain an uptrend, its price needs to break above the overhead trendline near $0.0823.

Is bullish conviction fading in the crypto market?

Investors’ appetite for risk appears to be weakening across the broader cryptocurrency market. Having stood at 69 on 1 October, the Fear and Greed Index has fallen to 49 on Friday, signalling a shift from bullish sentiment towards neutral territory. 

Evidence of sellers retaining the upper hand also comes from CoinGlass: Thursday’s long liquidations totalled $423 million, against $38.18 million in short liquidations. The increased unwinding of long positions is consistent with this weakness on the buy side. 

Technical outlook: Can Pi Network return to an uptrend?

Another attempt to rebound from support at $0.0774 has taken Pi Network to $0.0800 at the time of writing on Friday. However, the near-term bias for the PI token remains bearish. Its price is still constrained by the downward-sloping resistance trendline linking the highs of 20 June and 22 August, around $0.0823.

Further limiting the upside, the price remains beneath both the 50-period Exponential Moving Average (EMA) at $0.0855 and the 200-period EMA near $0.1228. Should a breakout above the $0.0823 trendline be confirmed, the rally could extend towards the 50-period EMA at $0.0855. Reinforcing that resistance is the 23.6% Fibonacci retracement level at $0.0866, calculated from $0.1394 to $0.0704.

On the daily chart, momentum is edging higher as the Moving Average Convergence Divergence (MACD) moves marginally above its signal line. With the Relative Strength Index (RSI) around 43, however, the indicators point more to stabilisation than to a decisive recovery.

If the current decline persists, buyers could look to establish a more lasting base at the next significant support levels: first the 8 October low of $0.0774, then the Fibonacci cycle low near $0.0704.

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