Pi Network Price Forecast: PI gains further despite bearish market conditions

• Following a rebound of over 8% the previous day, Pi Network extends its gains modestly on Wednesday.
• Short-term relief underpins the PI token’s recovery as it diverges from the correction across the wider cryptocurrency market. 
• With a key resistance trendline still limiting the recovery, PI’s technical outlook remains mixed.

An over 8% rebound the previous day has been followed by further buying interest in Pi Network (PI) on Wednesday. Holding above $0.070, the PI token extends its recovery from oversold levels even as the broader market corrects. A sustained upward trend, however, requires Pi Network to clear the overhead trendline near $0.0740.

Pi Network Begins to Regain Strength

Ahead of its three-day ecosystem summit beginning on 17 November, Pi Network is showing signs of a recovery. YouTube broadcasts over the first two days will cover the developer platform, ecosystem initiatives and AI. A hackathon with a $200,000 prize pool will follow on the third day. The recovery suggests renewed social interest and potential demand from retail investors ahead of the next Pi event.

Technical Outlook: PI Faces Hurdles to a Bullish Trend Reversal

At $0.0723, Pi Network remains well below its 50-day and 200-day Exponential Moving Averages (EMAs), at roughly $0.0797 and $0.1081 respectively, maintaining the bearish bias.

A resistance trendline linking the highs of 20 June and 22 August, currently around $0.0740, continues to cap PI within a dominant long-term downtrend. Restoring a bullish trend would require a break above both that trendline around $0.0740 and the 50-day EMA at $0.0797. This would pave the way towards the psychological $0.1000 level.

At around 41, the Relative Strength Index (RSI) points to subdued rather than extreme bearish momentum, with momentum remaining weak overall. Meanwhile, the Moving Average Convergence Divergence (MACD) sits marginally in negative territory and below its signal line, supporting the view that downside pressure persists.

Should prices fall, structural support lies near the reclaimed $0.0704 level, where sellers may pause on an initial test. Below that, the next support is the 127.2% Fibonacci extension at $0.0516, measured from $0.1394 to $0.0704.

(An AI tool assisted in the preparation of this article’s technical analysis. Find out more.)