Pi Network Price Forecast: PI holds the fort at $0.0800 as Core Team announces first-ever ecosystem summit

• Pi Network hovers above $0.0800 on Friday, sustaining its nearly 2% rebound from the previous day.
• Pi Core Team announces first-ever ecosystem summit scheduled for November 17-19, focused on platform releases, developer updates, and more.
• The technical outlook for PI remains bearish, as momentum is weak and the price risks breaking last week’s low of $0.0774.

Pi Network (PI) hovers around $0.0800 at press time on Friday after a roughly 2% rebound the previous day. The Pi Core Team announced on Thursday that its first-ever ecosystem summit will be held between November 17 and 19, featuring platform releases, developer updates, demos, app showcases, and more. The technical outlook for PI indicates a downside bias as bearish momentum persists, with a risk of breaking below $0.0774. 

Pi ecosystem’s first-ever summit

Pi Core Team, in a blog post on Thursday, announced that the Pi Ecosystem Summit will be held between November 17 and 19, focusing on developer tools, platform updates, app demos, showcases, conversations, and its next hackathon to expand utility. The Summit joins the list of repeated announcements of technical upgrades and partnerships, while Pi Network remains a slow-moving project with limited real-world utility so far.

Technical outlook: Downside risk lingers on Pi Network

PI token trades around $0.0807 at press time on Friday, extending its decline below the 50-day and 200-day Exponential Moving Averages (EMAs) at $0.0875 and $0.1204, respectively, reinforcing a bearish near-term bias.

The price also sits below a long-term descending trendline reference at $0.0857, which connects the June 20 and August 22 highs, and the 23.6% Fibonacci retracement at $0.0867, measured from$0.1394 to $0.0704, keeping price capped within a broader corrective phase. To reinstate an upward trend, PI must surpass these overhead barriers, including the 50-day EMA at $0.0875, which could open the path toward the 50% retracement level at $0.1049

Momentum remains weak on the daily chart as the slightly negative Moving Average Convergence Divergence (MACD) and a Relative Strength Index (RSI) near 41 hint at waning upside momentum.

On the downside, the next meaningful support is near last week's low at $0.0744, where a sustained breakout could extend the decline toward the Fibonacci anchor at $0.0704.

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