Pi Network struggles as bearish momentum intensifies
Pi Network (PI) extended its weakness on Thursday, slipping another 3% at press time and erasing nearly all of the 2.89% recovery posted the previous day. The downside move underscores the fragile sentiment surrounding the token, with sellers maintaining a firm grip on price action. Despite the intraday decline, PI continues to hover above the immediate $0.26–$0.27 support range, a level that has repeatedly acted as a short-term buffer.
The broader crypto market is also showing signs of waning optimism. CoinMarketCap’s Fear and Greed Index stands at 41 in the neutral zone, down from 51 last week. A further dip below 40 would tilt sentiment into risk-off territory, signaling that traders may retreat further from speculative assets like PI.
From a technical perspective, PI is still deeply oversold. The Relative Strength Index (RSI) remains stuck in the 26–27 range on the daily chart, reflecting persistent selling pressure and limited buyer interest. Meanwhile, the Moving Average Convergence Divergence (MACD) continues its decline in negative territory, with both the MACD line and its signal line sliding lower since the bearish crossover on Sunday. The growing length of red histogram bars reinforces the view that bearish momentum is strengthening.
If PI fails to hold above the $0.26–$0.27 zone, traders could see the token tumble further toward the next key support at the S2 pivot level of $0.23727, opening the door to additional losses. On the other hand, a relief bounce cannot be ruled out. Should bulls manage to stage a comeback, a decisive push toward the 50-day Exponential Moving Average (EMA) at $0.36159 would be required to signal the possibility of a trend reversal.
For now, however, market signals remain tilted in favor of the bears, with PI’s immediate outlook leaning toward further downside unless sentiment across the broader crypto sector improves.
#PI#
#CryptoMarketPullback#
