Pi Network Price Forecast: How is PI adding to gains in a bearish market?

• Following a rebound of over 8% the previous day, Pi Network posts further modest gains on Wednesday.
• Near-term relief is evident in the PI token’s recovery as it moves independently of the correction across the broader cryptocurrency market. 
• With a key resistance trendline still limiting its recovery, PI’s technical outlook remains mixed.

Buying interest in Pi Network (PI) persists on Wednesday, extending the previous day’s rebound of over 8%. Holding above $0.070, the PI token continues to recover from oversold levels even as the broader market undergoes a correction. A return to an upward trend, however, requires Pi Network to clear the overhead trendline near $0.0740.

Is Pi Network Beginning to Regain Strength?

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

Technical outlook: Can PI reverse its bearish trend?

A bearish bias persists as Pi Network trades at $0.0723, substantially below its 50-day and 200-day Exponential Moving Averages (EMAs), which stand at roughly $0.0797 and $0.1081, respectively.

The longer-term technical picture remains dominated by a downtrend. A resistance trendline linking the June 20 and August 22 highs caps PI near $0.0740. Restoring a bullish trend would require a move above both this trendline around $0.0740 and the 50-day EMA at $0.0797, paving the way towards the psychological level of $0.1000.

Momentum remains lacklustre. At around 41, the Relative Strength Index (RSI) suggests bearish momentum is subdued rather than extreme. Meanwhile, the Moving Average Convergence Divergence (MACD) is slightly negative and remains below its signal line, lending further weight to the view that downside pressure persists.

If prices decline, the first structural support lies near the reclaimed support level of $0.0704, where sellers may pause on an initial test. Below that, the next support is the 127.2% Fibonacci extension at $0.0516, calculated using the move from $0.1394 to $0.0704.

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