Pi Network slips 1% as Open Interest drop threatens $0.0801 support

Key takeaways

• The asset was priced near $0.0823, a slight recovery from the $0.0801 support level.
• Futures open interest decreased to $8.94 million from $10.38 million, roughly 14% lower.
• Resistance for PI is seen at $0.0827 and $0.0902, with a drop below $0.0801 potentially opening the door to $0.0704.

Pi Network is seeing a modest decline on Thursday, pausing its recent selloff as weakening derivatives activity and bearish momentum continue to weigh on the recovery outlook.

PI hovered around $0.0823, a 1% loss, after seven straight bearish daily closes. The rebound followed a 7% slide the day before and came as the token neared its July 31 low near $0.0801.

Despite the bounce, PI stayed below key moving averages, leaving buyers with multiple technical hurdles to clear.

PI futures Open Interest drops roughly 14%

According to CoinAnk, Pi Network futures open interest declined to $8.94 million from $10.38 million the prior day.

The $1.44 million reduction translates to a fall of approximately 14% in the notional value of outstanding contracts.

A lower dollar-denominated open interest can result from falling prices, closed positions, liquidations, or a mix of these factors. The numbers alone do not reveal how much of the decline stems from traders exiting the market.

Still, the contraction suggests the rebound is happening against a weaker derivatives backdrop rather than a clear uptick in speculative engagement.

Santiment data showed PI's social dominance at 0.13%, after rising to 0.14% the day before.

These readings point to continued chatter about the token despite its recent losses.

However, social attention does not always translate into buying. Elevated conversation alongside falling open interest paints a mixed picture: PI remains on traders' radars, but that attention has not yet translated into a sustained improvement in demand.

Pi Network faces resistance near $0.0827

PI's recovery started near $0.0801, but the token continued to trade below the 23.6% Fibonacci retracement at $0.0827, calculated between $0.1341 and $0.0704.

Reclaiming $0.0827 would be a first step toward strengthening the rebound. A sustained move above that level could put the 50-day exponential moving average at $0.0902 in play.

The 200-day EMA sits much higher at $0.1247. Trading below both averages keeps the broader technical outlook bearish despite Thursday's gain.

The daily Relative Strength Index was near 38, indicating weak momentum without hitting the usual oversold level.

Meanwhile, the MACD line slipped below its signal line in negative territory, adding to the bearish momentum picture.

Immediate structural support remains at $0.0801. A sustained break below that would expose the Fibonacci anchor around $0.0704, where buyers might try to establish a more solid base.

For now, Thursday's bounce is still tentative. Holding $0.0801 and reclaiming $0.0827 would improve the short-term outlook, while continued weakness would raise the risk of another drop.