PI defends key support: Pi Network price forecast amid deteriorating crypto sentiment

• $0.0750 is Pi Network’s trading level on Tuesday. Following three consecutive daily declines, its attempted recovery remains constrained by a resistance trendline.
• 34 is the latest Fear and Greed Index reading. Sentiment across the crypto market remains subdued after the $6.3 billion Binance hack.
• Recovering momentum towards neutral contrasts with persistent price resistance, leaving the PI token’s technical outlook mixed.

$0.0750 is the approximate price of Pi Network (PI) at press time on Tuesday. Heavy headwinds have driven three consecutive bearish daily closes. Following the $6.3 billion Binance hack, deteriorating social sentiment across the broader cryptocurrency market is putting speculative tokens under pressure. Pi Network’s technical signals remain mixed: near-term support is holding, but a long-term overhead resistance trendline continues to limit the price. 

PI Faces Broader Crypto Market Fear

Social sentiment across the crypto market deteriorated faster after the $6.3 billion Binance hack. On Tuesday, CoinMarketCap’s Fear and Greed Index stands at 34, down from 45 last week, indicating that investors are becoming more fearful. 

Bullish commentary on Bitcoin, Ethereum (ETH) and Ripple (XRP) is falling sharply relative to bearish commentary, according to Santiment data. BTC has a bullish-to-bearish comment ratio of 0.69, compared with 0.61 for XRP and 1.14 for ETH.

A drop below 20 in the Fear and Greed Index, or ratios that persist below 1, could signal “Extreme Fear” across the market. Once panic subsides, however, these extreme phases of Fear, Uncertainty, and Doubt (FUD) often offer a strong opportunity for a rebound.

Pi Network Technical Outlook: Rebound and Breakout Prospects

At press time on Tuesday, Pi Network is priced at $0.0766, with the near-term bias still bearish. The token remains below the descending resistance trendline at $0.0784, which has held since 20 July.

Additional resistance comes from the 50-day Exponential Moving Average (EMA) at $0.0825, reinforcing the trendline and suggesting that overhead supply is likely to limit rallies. If a breakout above this zone is confirmed, gains could extend towards $0.1049, the 50% retracement of the decline from $0.1394 to $0.0704.

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

Initial downside demand lies at $0.0740, the low recorded on 15 October. Below that, the Fibonacci cycle low near $0.0704 marks the main structural support, where a deeper decline would likely attract more substantial buying interest.

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