PI dips below $0.090 as bearish momentum builds despite rising OI

Key takeaways

• PI is trading around $0.0865 on Monday, marking its fifth consecutive day of losses.
• Futures open interest has grown from $9.78 million to $10.15 million, signaling rising market exposure.
• Key support levels are established at $0.0827 and $0.0801, with initial recovery resistance at $0.0911.

Pi Network declines further despite positive sentiment in broader market

The Pi Network token experienced further downward pressure on Monday, slipping below $0.090 to extend its losing streak to five consecutive days. Trading at roughly $0.0865, PI remains weak despite generally positive conditions across the wider cryptocurrency market.

According to CoinMarketCap, the broader market’s Fear and Greed Index sits at 67, indicating a prevailing mood of “greed.” While this suggests that investors generally have an appetite for risk, this optimistic outlook has not yet translated into a price recovery for PI.

This decoupling underscores the influence of the token’s specific price structure. Despite the favorable macroeconomic backdrop in crypto, PI’s ongoing price slide and weak momentum indicators show that buyers are struggling to reclaim control.

The token’s next directional move hinges on whether buy orders cluster near key support levels to halt the decline, or if persistent selling pressure drags the asset back toward recent lows.

According to data from CoinAnk, PI’s futures open interest increased by approximately 3.8%, rising to $10.15 million from $9.78 million the day before. This growth in outstanding derivatives exposure occurred alongside a falling spot price.

Open interest reflects the total notional value of active derivative contracts. While its rise indicates increased market participation, it does not specify whether the new positions are primarily bullish or bearish.

As a result, the increase in open interest should not be interpreted as a sign of strengthening buy-side demand. It could be driven by new short positions, additional long exposure, or a combination of both.

For traders with leveraged long positions, the combination of a declining spot price and rising open interest introduces heightened risk, though the available data does not confirm which side holds the majority of the exposure.

Momentum indicators and moving averages point to bearish control

PI continues to trade below its key daily exponential moving averages (EMAs), reinforcing a bearish technical outlook.

The 50-day EMA is currently at $0.0911, serving as the first major resistance level for any potential recovery. Further up, the 100-day EMA is positioned near $0.0991, while the 200-day EMA remains much higher at $0.1219.

This alignment demonstrates that PI has failed to reclaim both its short-term trend lines and its longer-term directional averages.

Momentum indicators also lean in favor of sellers. The Relative Strength Index (RSI) is currently hovering around 43, remaining below the neutral 50 threshold to reflect weak buying pressure, though it has not yet reached oversold conditions.

Additionally, the Moving Average Convergence Divergence (MACD) indicator remains in slightly negative territory. Together, the RSI and MACD support a cautious short-term outlook, with sellers maintaining technical dominance.

Immediate support for the token is located at $0.0827, which aligns with the 23.6% Fibonacci retracement level calculated from the swing high of $0.1341 to the low of $0.0704. Just below this, the July 31 low of $0.0801 serves as another key support level.

If PI breaks below these support levels, the next major downside target to watch is the swing low at $0.0704. A drop to this point would represent a continuation of the current downtrend rather than a stabilization phase.

To spark a recovery, buyers must first push the price above the 50-day EMA at $0.0911. Beyond that level, resistance is concentrated around the 50% Fibonacci retracement level at $0.0990 and the 100-day EMA at $0.0991.

Clearing these resistance thresholds would improve PI’s overall technical outlook. Until then, the rise in derivatives activity does little to offset the token’s ongoing spot price weakness.