- Pi Network faces further downside as weak market sentiment and heavy liquidations push PI toward $0.0740 support.
- A break below this level could send the price to $0.0704, while a recovery above $0.0835 may improve its outlook.
Pi Network (PI) is facing renewed downside pressure as the broader crypto market weakens. The price has moved closer to $0.0740, a key support level that could determine whether the decline continues toward $0.0704.
Market sentiment is also deteriorating. With crypto liquidations exceeding $350 million in 24 hours and PI trading below key moving averages, buyers have yet to show enough strength to support a sustained recovery.
Crypto Market Sell-Off Puts PI Price Under Pressure
The wider cryptocurrency market came under pressure after the US Federal Reserve kept interest rates unchanged at 3.75% to 4.00%. The decision was followed by heavy liquidations, with traders holding bullish positions bearing much of the losses.
Total crypto liquidations reached $355 million over 24 hours, including $207 million from long positions. These figures suggest that many traders who expected prices to rise were forced out of their positions as the market declined.
Investor sentiment weakened as well. The Crypto Fear and Greed Index fell to 43 from 48 a week earlier, indicating growing caution among market participants.
This shift in sentiment adds pressure to Pi Network as traders reassess their exposure to riskier assets. If the broader market continues to weaken, PI could struggle to attract enough buying demand to prevent another decline.
Pi Network Price Forecast: $0.0740 Support in Focus
PI was trading at approximately $0.0754 at the time of reporting, leaving the price close to its October 22 low of $0.0740.
The price remains below the 50-day EMA at $0.0835 and the 200-day EMA at $0.1131. Trading below both averages suggests that the broader trend remains weak and that buyers have yet to regain control.
PI is also trading below a descending trendline near $0.0799, which connects previous highs recorded on June 20 and August 22. This trendline continues to act as resistance, limiting the chances of a sustained recovery.
The RSI stands near 34, showing that selling pressure remains strong. However, the indicator has not reached a level that would clearly signal an oversold reversal.
Meanwhile, MACD indicator is flattening near the zero line. This points to weak momentum but does not yet confirm a bullish shift.
Can PI Price Fall to $0.0704?
The immediate level to watch is $0.0740. If sellers push PI below this support, the next major downside target is $0.0704, which marks the low of the previous downswing.
A break below $0.0704 could expose PI to further losses as traders look for the next area of support. However, the extent of any additional decline will depend on broader market conditions and whether buyers step in at lower prices.
For now, PI needs to hold above $0.0740 to avoid an immediate move toward its recent low. A sustained break below that level would strengthen the bearish outlook.
What Could Trigger a Pi Network Price Recovery?
PI would need to reclaim the descending trendline near $0.0799 before a stronger recovery could develop. The next hurdle is the 50-day EMA at $0.0835.
A sustained move above both resistance levels would indicate that buying pressure is improving and could shift attention toward $0.1049. This level represents the 50% Fibonacci retracement of the decline from $0.1394 to $0.0704.
However, reaching $0.1049 would require a meaningful recovery from current prices. Until PI breaks above the nearby resistance levels, the possibility of another decline remains.
Pi Network Price Outlook
Pi Network remains vulnerable to further losses as weak market sentiment and bearish technical signals weigh on its price. The $0.0740 support level is the immediate test, while $0.0704 remains the next downside target if sellers gain control.
A recovery above $0.0799 and $0.0835 could improve the short-term outlook, but PI has yet to show a clear reversal. Traders will likely watch these price levels closely as the broader crypto market searches for direction.
ALSO READ: Pi Network Releases Pi Desktop 0.6.4 With Easier Remote Access and Stronger Security
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