Pi Network (PI) Faces Market Headwinds Despite Early October Rebound Attempt [November Update]

The broader cryptocurrency market continues to navigate a challenging period marked by waning investor confidence and prolonged liquidity drain from both retail and institutional sectors. 

Bitcoin’s consolidation below key psychological levels and declining altcoin trading volumes have contributed to a generally risk-off sentiment, leaving many mid-cap tokens struggling to regain momentum. Pi Network (PI), despite showing brief signs of revival in early October, remains under bearish pressure as the market battles macroeconomic uncertainty and sluggish capital inflows.

From a technical standpoint, PI/USDT has spent much of 2025 locked within a well-defined descending channel that began in late April. The pair touched new lows in late September before staging a sharp recovery in early October — a move that briefly lifted sentiment among traders who had anticipated a potential breakout. This bounce, however, appears to have lost strength as price action met resistance around the $0.26–$0.27 zone, which aligns closely with the 50-day Exponential Moving Average (EMA).

Between early October and the current session, PI managed to climb from roughly $0.18 to near $0.29 — a solid short-term rally of more than 60%. However, the move failed to sustain above the mid-channel resistance, and the token has since retreated toward the $0.24–$0.25 range. The 20-day EMA, currently hovering near $0.23, has acted as immediate support, while the 100-day and 200-day EMAs at $0.33 and $0.46 respectively remain significant overhead barriers.

Bullish Scenario

On the upside, if bulls manage to defend the $0.23–$0.24 zone, PI could attempt another test of the $0.26–$0.27 resistance area. A decisive breakout above this level, confirmed by daily closes over the 50-day EMA, might open the door for a move toward $0.33 — where the 100-day EMA sits. 

A sustained rally beyond that threshold could potentially shift market sentiment, suggesting that the long-term downtrend is weakening. Volume expansion and renewed activity from Pi’s community could act as catalysts for such a move, especially if broader crypto sentiment improves in November.

Bearish Scenario

Conversely, failure to hold above the $0.23 support may trigger another downward phase. A break below this level could send PI back into the lower end of the descending channel, possibly retesting the $0.18–$0.19 region seen earlier in October. 

Such a scenario would reinforce the prevailing bearish trend and indicate that the recent rally was merely a relief bounce within a broader downtrend. Additionally, the distance between the 100- and 200-day EMAs — both trending downward — underscores the lack of strong medium-term buying momentum.

Conclusion

Pi Network’s price action since early October reflects a brief yet fragile recovery attempt within a still-dominant bearish structure. While bulls have shown resilience near the $0.18 low, the inability to reclaim key moving averages highlights ongoing caution among traders. 

As the market grapples with external pressures such as declining liquidity and regulatory uncertainty, PI remains at a technical crossroads — needing a clean break above $0.27 to regain bullish footing or risking renewed selling if $0.23 gives way.