Pi Network (PI) remained under selling pressure on Friday, November 6, as a sharp decline in US technology stocks and renewed weakness across cryptocurrencies reduced demand for riskier assets. PI traded near $0.0756, leaving its July record low of $0.0704 within reach if sellers maintain control. More than $1 billion in crypto long liquidations during Thursday’s market downturn and deteriorating investor sentiment have added to the pressure on the token.
US Midterm Fallout Hits Crypto Sentiment
The US midterm election results initially encouraged optimism across financial markets, but Thursday’s reversal exposed investors’ concerns about the political and regulatory outlook. Democrats secured control of both chambers of Congress, prompting questions about the future direction of US policies covering artificial intelligence and digital assets.
Technology shares suffered heavy losses. The Nasdaq Composite dropped 5.52% on Thursday, its steepest daily decline in 19 months, as investors reassessed valuations and the outlook for AI-related investment. The S&P 500 also fell 4.36%, reflecting broader pressure across equities.
Cryptocurrencies followed the risk-off move. More than $1 billion in long positions were liquidated, forcing leveraged traders who had bet on higher prices to close positions as the market declined. Such liquidations can intensify selling because exchanges automatically close positions when traders cannot maintain required collateral.
The CoinMarketCap Fear and Greed Index fell to 31 on Friday, compared with 36 a week earlier. The reading indicates fear among market participants and suggests that investors remain reluctant to increase exposure to volatile assets such as PI.
PI Price Faces Critical Support Levels
PI was trading around $0.0756, below both its 50-day and 200-day Exponential Moving Averages (EMAs), positioned near $0.0817 and $0.1101, respectively. Trading beneath these averages indicates that the token’s medium- and longer-term price trends remain weak.
Momentum indicators also offer limited evidence of a recovery. The Relative Strength Index (RSI) stood near 37, approaching oversold territory but not yet confirming a reversal. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram was losing positive momentum, increasing the risk of a bearish crossover.
Important levels for traders include:
- Immediate support: $0.0740, the October 15 low.
- Major support: $0.0704, PI’s July 14 record low.
- Initial resistance: $0.0770, near the broken trendline.
- Further resistance: $0.0817, followed by $0.1049 and $0.1101.
Pi Network Forecast: Can Buyers Recover?
A sustained break below $0.0740 could expose the record low at $0.0704. If buyers fail to defend that level, PI could enter uncharted downside territory, with market sentiment likely to influence the scale of any further decline.
On the upside, a move above $0.0770 would offer an initial indication that selling pressure is easing. A stronger recovery would require the token to reclaim its 50-day EMA near $0.0817.
Conclusion
Pi Network faces a difficult near-term outlook as weak technical indicators coincide with declining appetite for speculative cryptocurrencies. The $0.0704 record low is the key downside level, while $0.0770 and $0.0817 are important recovery barriers. Unless broader crypto sentiment improves and PI regains nearby resistance, the risk of another test of its record low remains elevated.
Sources & Methodology
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