Pi Network Price Forecast: Mixed technical signals limit upside as PI retains modest gains

• Nearly 2% higher on Friday, Pi Network remains above support at $0.0744 as its consolidation range extends.
• 49 is the Fear and Greed Index reading. Alongside increasing long liquidations, it points to neutral-to-bearish sentiment across the crypto market.
• $0.0823 marks the long-term resistance trendline that Pi Network is approaching, with technical signals remaining mixed.

Pi Network (PI) is up 2% on Friday. The price shows signs of recovery despite near-term weakness across the wider cryptocurrency market. Rising long liquidations accompany a shift in crypto sentiment from bullish to neutral. Sustaining an uptrend requires Pi Network's price to break above the overhead trendline near $0.0823.

49 on Fear and Greed Index signals fading crypto optimism

At 49 on Friday, the Fear and Greed Index has fallen from 69 on October 1. The decline signals a shift from bullish towards neutral sentiment, with the broader cryptocurrency market showing signs of waning investor risk appetite. 

Meanwhile, Thursday's long liquidations totalled $423 million against $38.18 million in short liquidations, according to CoinGlass data. The imbalance points to seller dominance. Overall, weaker buying pressure is consistent with the increased unwinding of long positions. 

$0.0823 resistance in focus: Pi Network's technical outlook

At the time of writing on Friday, Pi Network stands at $0.0800 as it makes another attempt to rebound from support at $0.0774. The near-term bias for the PI token remains bearish. Its price is still constrained by the descending resistance trendline linking the June 20 and August 22 highs, 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 break above the $0.0823 trendline be confirmed, the rally could continue towards the 50-period EMA at $0.0855. Reinforcing that level is the 23.6% Fibonacci retracement at $0.0866, measured from $0.1394 to $0.0704.

Daily-chart momentum has edged higher, with Moving Average Convergence Divergence (MACD) moving marginally above its signal line. However, the Relative Strength Index (RSI), around 43, suggests stabilisation rather than a clear recovery.

If the current decline persists, the October 8 low at $0.0774 provides the next significant support, ahead of the Fibonacci cycle low around $0.0704. Buyers could try to establish a more lasting base at that lower level.

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