Pi Network Price Forecast: PI struggles as fear grips the crypto market
|- Pi Network trades below $0.1800 after a 5% drop on Sunday, extending the support-discovery mode.
- Risk-averse sentiment rises in the broader cryptocurrency market, evidenced by the Fear and Greed Index.
- PiScan data shows over 1.3 million PI tokens inflows on centralized exchanges in the last 24 hours, reflecting heightened selling pressure.
Pi Network (PI) hovers above $0.1700 at press time on Monday, stabilizing after the 5% decline on Sunday. The PI token remains under intense pressure amid risk-averse conditions in the broader cryptocurrency market and over 1.3 million tokens inflows on Centralized Exchanges (CEXs) in the last 24 hours.
Pi Network loses investors' interest as the market declines
CoinMarketCap’s fear and greed indicator at 29 suggests a risk-off sentiment among investors. A reading between 20 and 40 indicates fear, while a drop below 20 would flash extreme fear, signaling a massive selloff in the crypto market.
PiScan data shows a steady increase in deposits made across CEXs, totaling 1.33 million PI tokens over the last 24 hours. OKX exchange recorded 1.12 million in inflows, the largest among the Know-Your-Business (KYB) registered exchanges supporting the Pi token.
Sustained deposits on CEXs while fear grips the broader cryptocurrency market could lead to further losses for Pi Network.
Technical outlook: Will PI extend the decline to $0.15?
Pi Network is up 1% at the time of writing on Monday, recovering from the 5% decline on Sunday. Still, the PI token remains under pressure from an over 13% loss last week.
The Relative Strength Index (RSI) is at 22 on the daily chart, trending deep into the oversold zone, indicating intense supply pressure. The Moving Average Convergence Divergence (MACD) remains below the signal line and under the zero mark, suggesting persistent bearish momentum.
If sellers uphold control, PI is likely to extend the decline toward the January 19 low at $0.1502.
However, sustained recovery in PI could test the $0.2000 psychological milestone, which is close to the 50-day Exponential Moving Average (EMA) at $0.2045.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.