Pi Network Price Forecast: PI halts decline at key support amid easing retail support
- PI Network is up nearly 2% on Thursday, ticking higher after a roughly 7% decline the previous day.
- PI futures Open Interest declines to $8.94 million, suggesting reduced risk appetite.
- The technical outlook for PI is bearish, as downside momentum prevails.
Pi Network (PI) price is up nearly 2% on Thursday, ticking higher after seven consecutive bearish daily closes, including a 7% decline the previous day. Despite the mild recovery, retail support is lacking as PI futures Open Interest declines to $8.94 million, from $10.38 million the previous day. The technical outlook for the PI token is bearish as downside pressure mounts on the $0.0800 support level.
Pi Network is losing retail demand despite elevated social chatter
Pi Network futures witness a decline in the notional value of all open positions. CoinAnk data shows the PI futures Open Interest (OI) down to $8.94 million from $10.38 million the previous day, suggesting a reduced value due to a spot price decline or a possible positional wipeout.
On the other hand, Santiment data shows elevated social buzz for the PI token, with the social dominance score at 0.13%, after a surge to 0.14% the previous day.
Technical outlook: Pi Network hints at a rebound
Pi Network trades around $0.0823 at press time on Thursday, extending a mild rebound from the $0.0801 support level set by the July 31 low. The PI token maintains a bearish near-term tone as it holds beneath both the 50-day and 200-day Exponential Moving Averages (EMAs) at $0.0902 and $0.1247, respectively.
From a technical perspective, PI trades below the 23.6% Fibonacci retracement at $0.0827, measured from $0.1341 to $0.0704, keeping the broader downside bias intact. For a sustained recovery, PI must reclaim the $0.0827 level, which could pave the path toward the 50-day EMA at $0.0902.
Momentum remains soft on the daily chart, with the Relative Strength Index (RSI) around 38, suggesting firm selling pressure rather than outright oversold conditions. At the same time, the Moving Average Convergence Divergence (MACD) line declines below the signal line into the negative territory, hinting that bearish momentum is gaining strength.
On the downside, the only nearby structural support is at the July 31 low of $0.0801, guarding the Fibonacci anchor around $0.0704, where buyers may attempt to build a more durable floor.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
