Pi Network slides under $0.090 as bearish signals intensify despite OI rise

Key highlights

• On Monday, PI was trading close to $0.0865, marking its fifth straight day of decline.
• Open interest in futures climbed to $10.15 million from $9.78 million, pointing to greater outstanding exposure.
• Support levels are at $0.0827 and $0.0801, while the first resistance on a recovery is at $0.0911.

Pi Network keeps sliding even with broader market optimism

On Monday, Pi Network kept weakening, trading under $0.090 as its streak of losses reached five days. At roughly $0.0865, the token stays under pressure even as sentiment across the broader crypto market is relatively positive.

CoinMarketCap reports the Fear and Greed Index at 67, which puts sentiment in greed territory. This reading indicates that market participants still have a risk appetite, yet that optimism has not led to a lasting recovery for PI.

This divergence emphasizes the significance of PI’s own price structure. Although the broader market mood offers context, the token’s falling price and weak momentum indicators imply that buyers have found it difficult to regain control.

The next price move for PI will hinge on whether demand near support levels is enough to halt the decline, or if selling pressure drives the token toward its recent lows.

According to CoinAnk, PI futures open interest rose to $10.15 million from $9.78 million the prior day. The roughly 3.8% increase points to a slight accumulation in outstanding derivatives exposure even as the spot price keeps dropping.

Open interest reflects the notional value of active contracts. Its growth signals ongoing participation, but it does not show whether the positioning is mainly bullish or bearish.

Therefore, the recent rise in OI should not be taken as evidence of stronger buying demand. The increase could come from new short positions, additional long exposure, or a mix of both.

For traders with leveraged long positions, ongoing weakness in the spot market poses a risk. Higher OI alongside lower prices makes the direction and robustness of that exposure important, even though the data do not reveal which side is dominant.

Moving averages and momentum lean in favor of sellers

PI continues to trade under its key daily exponential moving averages, strengthening the bearish technical outlook.

The 50-day EMA is at $0.0911, above the current price and serving as the first resistance for a recovery. The 100-day EMA is around $0.0991, and the 200-day EMA is much higher at $0.1219.

This setup indicates that PI has not yet recovered either its short-term trend reference or the averages linked to its longer-term price direction.

Momentum indicators are also bearish. The Relative Strength Index is around 43, below the neutral 50 level. This points to weaker buying momentum, although the indicator has not entered traditional oversold territory.

Meanwhile, the Moving Average Convergence Divergence stays slightly negative. Combined, the RSI and MACD readings justify a cautious short-term view, with sellers keeping the technical edge.

Near-term support is at $0.0827, which aligns with the 23.6% Fibonacci retracement from the $0.1341 to $0.0704 range. The July 31 low of $0.0801 offers an additional nearby level.

Should PI break those levels, the $0.0704 swing low would be the next downside zone to watch. A decline toward that point would indicate a deeper extension of the current fall rather than a sign that a bounce is starting.

For a rebound, buyers must first surpass the 50-day EMA at $0.0911. Above that, resistance is around the 50% Fibonacci retracement at $0.0990 and the 100-day EMA at $0.0991.

Regaining those resistance levels would enhance the technical outlook. Until then, the increase in derivatives participation provides little comfort given the token’s ongoing price weakness.