Pi Network Price Forecast: PI extends bearish channel decline as risk of fresh lows grows

• Pi Network is down over 2% on Monday, extending the downward trend in a bearish channel pattern.
• Crypto market sentiment remains heavy with the Fear and Greed Index at 34 on Monday, signaling reduced risk appetite.
• The technical outlook for PI is bearish, with a risk of a record low below $0.0700.

Pi Network (PI) is down over 2% on Monday, experiencing firm downside pressure. The declining risk appetite in the crypto market weighs on the PI token, supporting the bearish technical outlook of a fresh record low below $0.0700.

Market sentiment grows heavy

CoinMarketCap’s Fear and Greed Index at 34 on Monday shows a bearish grip tightening on market sentiment, driven by the Coldcard wallet hack, as previously reported by FXStreet. Typically, broader market risk-off sentiment limits upside potential in altcoins, including the PI token.

On the derivatives side, CoinAnk data show the PI futures Open Interest (OI) is down to $8.41 million from $8.94 million on Saturday, indicating a reduced notional value of active contracts, likely linked to a price decline or a positional wipeout. 

Technical outlook: Will Pi Network record a fresh low?

Pi Network maintains a bearish near-term bias, with price holding above $0.0800 on Monday. From a technical perspective, PI remains in a long-term bearish trend, trapped between two parallel declining trendlines and forming a descending channel.

Attempts to stabilize above the recent lows near $0.0700 face headwinds near the overhead trendline at $0.0910, where a decisive breakout would ease the bearish pressure. The broken 127.2% Fibonacci extension level of the downswing from the $0.1998 high to the $0.1183 low, at $0.0961, could serve as the immediate resistance, guarding the upside to the Fibonacci anchor at $0.1183.

Momentum maintains a constructive tone with the Moving Average Convergence Divergence (MACD) holding an upward trend above its signal line, while the Relative Strength Index (RSI) hovers around 40, suggesting fading oversold conditions.

On the downside, immediate support comes from the previous swing low near the 161.8% Fibonacci extension at $0.0679, where a sustained close would drive PI to a fresh record low.

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