Pi Network Price Forecast: Can PI keep defending key support as crypto sentiment deteriorates?

• A resistance trendline is limiting Pi Network’s recovery attempt on Tuesday, with the token trading near $0.0750 following three successive days of declines.
• Sentiment across the crypto market remains subdued after the $6.3 billion Binance hack, as the Fear and Greed Index falls to 34.
• Recovering momentum towards neutral levels contrasts with persistent price resistance, leaving the PI token’s technical outlook mixed.

Selling pressure continues to weigh on Pi Network (PI), which is trading near $0.0750 at press time on Tuesday after three consecutive bearish daily closes amid strong headwinds. Speculative tokens are under pressure as social sentiment across the cryptocurrency market deteriorates following the $6.3 billion Binance hack. Pi Network’s technical picture remains mixed: near-term support is holding, but a long-term overhead resistance trendline continues to limit the price. 

How Is Broader Market Fear Weighing on PI?

Social sentiment across the wider crypto market deteriorated more rapidly after the $6.3 billion Binance hack. Having stood at 45 last week, CoinMarketCap’s Fear and Greed Index has fallen to 34 on Tuesday, indicating that fear is taking hold among investors. 

Bullish comments about Bitcoin, Ethereum (ETH), and Ripple (XRP) are falling sharply relative to bearish comments, according to Santiment data. ETH’s bullish-to-bearish comment ratio stands at 1.14, compared with 0.69 for BTC and 0.61 for XRP.

A fall below 20 in the Fear and Greed Index, or ratios staying below 1, could signal “Extreme Fear” across the market. Once panic has had time to subside, however, these extreme phases of Fear, Uncertainty, and Doubt (FUD) often offer a strong opportunity for a rebound.

Technical outlook: Can a Pi Network recovery trigger a breakout rally?

The near-term bias for Pi Network remains bearish, with the token trading at $0.0766 at press time on Tuesday. Since July 20, the descending resistance trendline has held intact, and the price remains below it at $0.0784.

Further reinforcing this trendline is the 50-day Exponential Moving Average (EMA) at $0.0825, indicating that overhead supply will likely restrict rallies. If a breakout above this zone is confirmed, the rally could extend towards $0.1049, the 50% retracement level of the decline from $0.1394 to $0.0704.

On the daily chart, the Moving Average Convergence Divergence (MACD) sits just above its signal line within negative territory. Meanwhile, the Relative Strength Index (RSI), near 39, points to only modest downward pressure.

If the price declines, the October 15 low of $0.0740 marks near-term demand. The key structural support lies lower, at the Fibonacci cycle low near $0.0704, where a deeper fall would likely attract more substantial buying interest.

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