Pi Network price forecast: PI extends losses as social interest declines
- Pi Network edges lower on Tuesday, testing the bearish breakout of the $0.0774 support level.
- PI token’s social dominance score drops to a six-month low, suggesting reduced retail interest.
- The technical outlook for PI suggests a downside bias, with sellers targeting the all-time low of $0.0704.
Pi Network (PI) is down nearly 2% on Tuesday, extending the previous day’s losses and risking an extended decline toward its record low of $0.0704. PI token’s social dominance score is down to a six-month low, suggesting reduced social interest. The technical outlook for the PI token is bearish as the correction phase gains momentum.
Social chatter softens around PI
Pi Network’s social positioning is declining as it loses share of voice in crypto-related online discussions. Santiment data shows the PI token's social dominance dropped to 0.03% on Monday, marking a six-month low, with a social volume of 2. This implies reduced market chatter about PI, a crucial bullish catalyst tied to speculative demand.
Technical outlook: How low will the Pi Network price go?
Pi Network trades around $0.0772 on Tuesday, extending a long-term bearish trend capped by an overhead resistance trendline, connecting the June 20 and August 22 highs, near $0.0838. PI token's declining trend is also beneath the 50-period Exponential Moving Average (EMA) at $0.0862 and the 200-period EMA at $0.1221.
Momentum reinforces this capped tone, with the Relative Strength Index (RSI) hovering around 35 and Moving Average Convergence Divergence (MACD) in negative territory with a slightly negative histogram, hinting that sellers still control the near-term direction.
A confirmed breakout below the October 8 low at $0.0774 could extend the decline toward the $0.0704 swing low. Any deeper pullbacks will plunge the PI token into a downside price-discovery mode.
On the topside, initial resistance emerges at the downtrend break level around $0.0838, followed closely by a dense cluster formed by the 50-period EMA at $0.0862 and the 23.6% Fibonacci retracement, measured from $0.1394 to $0.0704, at $0.0867. Above this area, the 50% level at $0.1049 and the 200-day EMA at $0.1221 outline the subsequent barrier.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
