Pi Network Price Plunges as Broader Market Sentiment Turns Bearish

Pi Network's price has been under intense selling pressure as bearish sentiment spreads across the broader crypto market. The token currently hovers below $0.1300, following a 4% drop in the previous day. To avoid a steeper decline toward its all-time low of $0.1184, Pi Network should sustain above $0.1280.

The broad market risk-off sentiment is weighing down on PI, with sellers remaining dominant. The Fear and Greed Index at 20 indicates growing risk-averse sentiment among investors, which typically implies reduced demand for low-market-capitalization altcoins like Pi Network as investors pivot to Bitcoin (BTC) and other blue-chip tokens.

From a technical perspective, the price of PI is performing a secondary retest of a broken resistance trendline near $0.1250. A decisive close below this zone could threaten a decline toward the June 6 low at $0.1184, and a slip below this level would push PI to find new lower support levels.