Pi Network Price Forecast: PI faces pressure as markets sell off after US midterm elections

• $0.0750 remains Pi Network’s trading level on Friday. The prevailing decline continues beneath a long-term resistance trendline.
• More than $1 billion in crypto long positions were liquidated on Thursday, with the post-election rally giving way to a wider risk-off sell-off.
• Persistent selling pressure keeps the technical outlook for PI bearish.

Over $1 billion was wiped from the crypto market following the US midterm results. The results also sparked a sell-off in US technology shares, while Pi Network (PI) continues to face selling interest. With crypto sentiment weakening and selling pressure sustained, PI risks another leg lower beneath its record low of $0.0704.

$1 billion in liquidations as US midterm fallout hits crypto

Fears of tighter crypto and AI regulation under Democratic control of the US Senate and House of Congress drove a sharp cryptocurrency sell-off on Thursday. Long liquidations exceeded $1 billion, as previously reported by FXStreet. Meanwhile, Friday’s reading of CoinMarketCap’s Fear and Greed Index fell to 31 from 36 last week. The decline points to sustained risk aversion, interrupted only by a brief recovery on Tuesday, when the midterm results emerged. 

High-risk crypto assets such as PI typically come under pressure when uncertainty grips the broader market. A relief rally may require greater political clarity in the US, leaving investors waiting.

$0.0704 record low: PI’s final support in focus

At around $0.0756 at the time of writing on Friday, Pi Network retains a bearish short-term bias. Its price remains substantially below the 50-day and 200-day Exponential Moving Averages (EMAs), which stand at approximately $0.0817 and $0.1101, respectively.

As its positive histogram fades, the Moving Average Convergence Divergence (MACD) risks a cross below the signal line. Meanwhile, a Relative Strength Index (RSI) reading near 37 signals weak momentum and a shift towards oversold territory.

The 15 October low of $0.0740 provides the only nearby structural support. Below that lies the record low of $0.0704 reached on 14 July, where buyers may attempt to protect the current range should selling pressure return.

Any recovery would first encounter resistance around $0.0770, near the trendline break area, before reaching the 50-day EMA at $0.0817. Beyond these levels, the 50% retracement of the move from $0.1394 to $0.0704 presents a further barrier around $0.1049. The 200-day EMA at $0.1101 adds another resistance level higher up.

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