Pi Network dips 1% as falling Open Interest leaves $0.0801 support at risk

Key takeaways

• The token traded near $0.0823, recovering modestly from support at $0.0801.
• Futures open interest fell to $8.94 million from $10.38 million, a decline of approximately 14%.
• PI faces resistance at $0.0827 and $0.0902, while a break below $0.0801 could expose $0.0704.

Pi Network traded lower on Thursday, offering a modest pause in its ongoing selloff as weakening derivatives activity and bearish momentum continued to cloud the outlook for a recovery.

PI changed hands around $0.0823, posting a 1% loss following seven consecutive bearish daily closes. This rebound followed a 7% decline the previous day as the token approached its July 31 low near $0.0801.

Despite this bounce, PI remained below key moving averages, leaving buyers with several technical hurdles to clear.

PI futures Open Interest falls approximately 14%

CoinAnk data indicated that Pi Network futures open interest dropped to $8.94 million from the previous day’s level of $10.38 million.

This $1.44 million reduction marks a decrease of roughly 14% in the notional value of outstanding positions.

A decline in dollar-denominated open interest can stem from falling prices, closed positions, liquidations, or a combination of these elements. These numbers alone do not determine the exact amount of capital exiting the market via trader exits.

Even so, the contraction implies that the rebound is taking place against a softer derivatives landscape rather than a distinct expansion in speculative interest.

Data from Santiment placed PI’s social dominance at 0.13%, following a slight uptick to 0.14% the day before.

These metrics demonstrate that discussions regarding the token persist despite its recent pullbacks.

Nevertheless, social attention does not automatically result in buying activity. High engagement paired with a shrinking open interest creates a mixed signal: PI maintains visibility among market participants, but that focus has yet to translate into lasting demand.

Pi Network faces resistance near $0.0827

Although PI initiated its recovery near $0.0801, the token continued to hover underneath the 23.6% Fibonacci retracement level at $0.0827, mapped out between a high of $0.1341 and a low of $0.0704.

Pushing back above $0.0827 would mark a preliminary step toward reinforcing the recovery. A sustained push past that threshold could shift attention to the 50-day exponential moving average sitting at $0.0902.

The 200-day EMA rests significantly higher at $0.1247. Operating underneath both averages preserves a broader bearish technical outlook in spite of Thursday’s upward movement.

The daily Relative Strength Index hovered near 38, pointing to sluggish momentum without sliding into formal oversold territory.

Concurrently, the MACD line dropped below its signal line within negative zones, validating the prevailing bearish momentum signal.

Immediate structural support is anchored at $0.0801. A definitive break under this mark would leave the Fibonacci base around $0.0704 vulnerable, where buyers might try to build a more solid foundation.

At present, Thursday’s price bounce stays tentative. Defending the $0.0801 level and reclaiming $0.0827 would enhance the short-term outlook, whereas persistent weakness heightens the threat of an additional downward move.

Frequently Asked Questions

What is the current trading price and daily performance of Pi Network (PI)?

PI traded around $0.0823, down by 1%, following seven consecutive bearish daily closes.

How much did Pi Network futures open interest drop?

Futures open interest fell to $8.94 million from $10.38 million, representing a decline of approximately 14% (a $1.44 million reduction).

What are the key resistance and support levels for PI?

PI faces immediate support at $0.0801, with a break below that level risking a drop to the $0.0704 Fibonacci anchor. On the upside, resistance stands at $0.0827 (the 23.6% Fibonacci retracement) and $0.0902 (the 50-day exponential moving average).

What do the technical indicators say about PI’s momentum?

The daily RSI hovers around 38, showing weak momentum without hitting oversold levels, while the MACD line sits below its signal line in negative territory, confirming ongoing bearish momentum.