Key takeaways
PI trades near $0.0865 on Monday, extending its decline for a fifth consecutive day.
Futures open interest rises to $10.15 million from $9.78 million, indicating increased outstanding exposure.
Support sits at $0.0827 and $0.0801, with initial recovery resistance at $0.0911.
Pi Network extends losses despite broader market optimism
Pi Network continues to weaken on Monday, trading below $0.090 as its losing streak stretches to five consecutive days. At approximately $0.0865, the token remains under pressure despite relatively upbeat sentiment across the wider cryptocurrency market.
The broader Fear and Greed Index stands at 67, according to CoinMarketCap, placing sentiment in greed territory. That reading suggests market participants retain an appetite for risk, but the optimism has yet to translate into a sustained recovery for PI.
The divergence highlights the importance of the token’s own price structure. While the wider market mood provides context, PI’s declining price and subdued momentum indicators suggest buyers have struggled to regain control.
Its next move will depend on whether nearby support attracts sufficient demand to interrupt the decline or selling pressure pushes the token toward its recent lows.
CoinAnk data shows PI futures open interest at $10.15 million, up from $9.78 million the previous day. The increase of approximately 3.8% indicates a modest buildup in outstanding derivatives exposure while the spot price continues to fall.
Open interest measures the notional value of active contracts. Its increase points to continued participation, but does not reveal whether that positioning is predominantly bullish or bearish.
Consequently, the latest rise should not be treated as confirmation of stronger buying demand. New short positions, additional long exposure or a combination of both could contribute to the increase.
For traders holding leveraged long positions, continued spot weakness presents a risk. Rising open interest alongside falling prices makes the direction and resilience of that exposure relevant, although the supplied figures do not establish which side dominates.
Moving averages and momentum favor sellers
PI remains below its major daily exponential moving averages, reinforcing the bearish technical picture.
The 50-day EMA stands at $0.0911, above the current price and acting as the first recovery hurdle. The 100-day EMA sits near $0.0991, while the 200-day EMA is considerably higher at $0.1219.
This arrangement shows that PI has yet to reclaim either its shorter-term trend reference or the averages associated with its broader price direction.
Momentum indicators also lean bearish. The Relative Strength Index reads approximately 43, below the neutral midpoint of 50. That suggests weaker buying momentum, though the indicator has not reached conventional oversold territory.
Meanwhile, the Moving Average Convergence Divergence remains slightly negative. Together, the RSI and MACD readings support a cautious near-term outlook, with sellers retaining the technical advantage.
Immediate support lies at $0.0827, corresponding to the 23.6% Fibonacci retracement measured between $0.1341 and $0.0704. The July 31 low at $0.0801 provides another nearby reference.
If PI loses those levels, the $0.0704 swing low becomes the next downside area to monitor. A move toward that level would represent a deeper extension of the current decline rather than confirmation that a rebound is underway.
For a recovery, buyers first need to overcome the 50-day EMA at $0.0911. Beyond it, resistance clusters around the 50% Fibonacci retracement at $0.0990 and the 100-day EMA at $0.0991.
Reclaiming those barriers would improve the technical picture. Until then, rising derivatives participation offers limited reassurance against the token’s persistent price weakness.
