• Pi Network edges lower on Thursday, extending its nearly 3% losses from the previous day.
• The stalling of the broader market recovery weighs on PI as risk-off sentiment lingers amid rising long liquidations.
• The technical outlook for PI is bearish, as the declining price could offset the bullish breakout of a broken trendline near $0.1300.

Pi Network (PI) price is down to $0.1300 at press time on Thursday, extending its nearly 3% losses from the previous day. The PI token remains capped as the broader market recovery stalls amid recurring mild spikes in long liquidation. The technical outlook for PI shifts bearish as the declining price could negate a previous bullish breakout from a descending trendline.

Broader market sentiment remains heavy

The broader market recovery stalls, with Bitcoin (BTC) back below $65,000 as the US Federal Reserve, under the new leadership of Kevin Warsh, leans toward a more hawkish stance. CoinMarketCap’s Fear and Greed Index is down to 21 on Thursday, down from 25 on Monday, and inching closer toward the Extreme Fear zone. 

On the other hand, the mild but recurring spikes in long liquidations over the last week keep the short-term bias favorably bearish. CoinGlass data shows $311 million in long liquidations on Wednesday outpaced $129 million in short liquidations, confirming the bearish dominance. 

Pi Network reverses to retest a key trendline as bears regain control

Pi Network edges lower at press time on Thursday, maintaining a broader declining trend. The short-term recovery from the June 6 low at $0.1184 briefly surpassed a key long-term descending trendline near $0.1300 that had previously capped multiple recovery attempts. However, the intraday pullback following the 3% loss the previous day warns of a steeper decline, which could offset the bullish breakout if the daily close is below $0.1300.

Consistent with the lack of bullish follow-through, the momentum on the daily chart remains neutral to bearish. The Moving Average Convergence Divergence (MACD) histogram contracts above the zero line as the average lines risk a bearish crossover, while the Relative Strength Index (RSI) near 40 remains below the midline, pointing to subdued demand rather than a sustained recovery.

Looking down, a slip below $0.1300 could open the path toward $0.1186, followed by the $0.1000 psychological threshold.

On the topside, initial resistance is seen at the 50-day Exponential Moving Average (EMA) near $0.1471 and the 100-day EMA around $0.1606.

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