Pi Network Price Forecast: PI tests breakout above long-term resistance as selling pressure eases

• Monday brings modest gains for Pi Network as it tests a bullish break above a long-term resistance trendline.
• A fall in the Fear and Greed Index from 43 last week to 36 signals weaker risk appetite.
• Recovering momentum leaves the PI token’s technical outlook tilted slightly to the upside.

The Fear and Greed Index has slipped from 43 last week to 36 on Monday, with bearish sentiment across the broader market weighing on demand for altcoins. Despite that backdrop, Pi Network (PI) is posting gains on Monday as it tests a bullish break above a long-term resistance trendline around $0.0788. Strengthening momentum gives the PI token a modest upward bias on the technical charts.

Pi Network attracts retail interest despite subdued broader market sentiment

Fresh positions in Pi Network derivatives point to a revival in trader interest, even as demand across the wider market remains weak. According to Blockworks data, PI futures Open Interest (OI) has risen from $7.91 million last week to $8.55 million, signalling an increase in the notional value of outstanding contracts. That growth in PI futures OI suggests traders anticipate further spot-price gains, potentially paving the way for a breakout rally.

By contrast, a reading of 36 places CoinMarketCap’s Fear and Greed Index in the “Fear” zone. This points to subdued investor sentiment following the recent Binance hack, in which $6 billion was stolen and Bitcoin (BTC) briefly fell below $77,000 last week.

Technical outlook: PI token tests resistance ahead of a potential breakout rally

At press time, Pi Network is trading at $0.0784, with gains constrained by a long-term resistance trendline around $0.0788 that links the highs of 20 June and 30 September. The price also remains below both 50-day Exponential Moving Averages (EMAs), at $0.0828 and $0.1114, respectively.

On the daily chart, momentum is beginning to recover. The Moving Average Convergence Divergence (MACD) has crossed above its signal line while remaining in negative territory. Meanwhile, the Relative Strength Index (RSI), at 45, is climbing from the oversold boundary towards the neutral midline.

Should PI confirm a break above the resistance trendline at $0.0788, it could confirm a bullish trend reversal. Potential targets would then be the 50-day EMA at $0.0828 and $0.1049, the 50% retracement of the decline from $0.1394 to $0.0704.

On the downside, the October 15 low around $0.0740 marks the only notable structural support, ahead of the Fibonacci anchor near $0.0704. If selling pressure returns, buyers would be expected to defend the lower end of the current range there.

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