Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

• Pi Network is down over 4% on Wednesday, extending a steady decline over the past seven days.
• Social chatter surrounding the PI token surges to an annual high of 0.16% on Tuesday.
• The technical outlook for PI is bearish, risking a breakout below the crucial support level near $0.0801.

Pi Network (PI) continues to extend a bearish phase over the last seven days, risking a breakout below the $0.0800 round figure. The social chatter surrounding the PI token is on the rise, likely driven by investors’ fear. The technical outlook for Pi Network suggests a downside bias as bearish momentum persists. 

Social chatter warns of investors’ panic

Pi Network is gaining social interest despite its declining spot price. Santiment data shows a surge in social dominance to 0.16% on Tuesday, up from 0.03% the previous day. This increase in social buzz surrounding the PI token coincides with the recent bearish phase, suggesting a potential stress building among investors. 

Technical outlook: Pi Network holds at the last line of defense

Pi Network trades around $0.0830 at press time on Wednesday, maintaining a firm bearish bias. PI token holds extends a steady decline below the 50-day Exponential MOving Average (EMA) around $0.09061, which capped gains last week. Meanwhile, 100- and 200-day EMAs at $0.09890, and $0.1250, respectively, are well above the spot price, reaffirming a long-term downtrend.

The Moving Average Convergence Divergence (MACD) crosses below zero and signal line, while the Relative Strength Index (RSI) at 37 hovers just above oversold territory, hinting at persistent downside pressure.

The immediate support cluster of the 23.6% Fibonacci level at $0.08271, measured from $0.1341 to $0.0704, and the July 31 low at $0.0801 acts as the last line of defense. A confirmed breakout below this support zone could extend the decline towards the $0.0704 swing low, which could ignite dip buying interest.

On the topside, initial resistance aligns at the 50-period EMA at $0.0906, followed by the 100-period EMA at $0.09890 near the 50% retracement level at $0.0990.

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