Pi Network (PI) continued its downward trajectory on Monday, extending losses after a bearish close in the previous session. The token remains below the $0.1000 psychological level, with sellers firmly defending the nearby resistance at $0.0961. Despite steady derivatives demand and a slight improvement in broader crypto sentiment, PI's technical structure retains a mildly bearish bias.
Market sentiment shows tentative improvement
The broader cryptocurrency market is showing early signs of recovering risk appetite. CoinMarketCap's Crypto Fear and Greed Index currently reads 40, moving away from the "Fear" zone and toward neutral territory. An improving sentiment reading can support speculative assets like Pi Network by encouraging traders to increase exposure. However, a value of 40 still indicates that market participants remain cautious rather than decisively bullish. PI will likely need stronger demand across the broader crypto market to overcome its immediate technical barriers.
Derivatives interest remains stable
Speculative demand for Pi Network has held steady despite recent price weakness. CoinAnk data shows that PI futures Open Interest stands at $9.26 million, remaining above $9 million for the past six days. This metric, which measures the total value of outstanding futures contracts, indicates that traders have not abandoned their positions during the latest decline. However, the relatively low value compared with larger cryptocurrency markets suggests that PI continues to attract limited derivatives activity. Stable Open Interest alongside improving market sentiment creates a mildly positive backdrop, but stronger capital inflows would be required to support a sustained breakout.
Resistance at $0.0961 proves formidable
Pi Network remains within a broader bearish structure while trading below the 127.2% Fibonacci extension level at $0.0961. This level, calculated from the decline between $0.1998 and $0.1183, has repeatedly limited PI's recent recovery attempts. The token edged lower on Monday after failing to overcome this barrier, reaffirming the strength of overhead selling pressure. A sustained daily close above $0.0961 would weaken the immediate bearish outlook and place the psychological $0.1000 level back within reach.
Momentum indicators show fading bearish pressure
Pi Network's momentum indicators suggest that bearish pressure is beginning to fade. The Moving Average Convergence Divergence (MACD) line is above its signal line and continues to rise, though it remains in negative territory. This setup indicates that downside momentum is weakening, although it does not yet confirm a complete bullish reversal. The Relative Strength Index (RSI) stands near 45, approaching its neutral midpoint of 50. A move above the midline could signal that buyers are beginning to gain control. Together, the MACD and RSI suggest that PI has room to recover if it can attract sufficient buying pressure around current levels.
Recovery path hinges on breaking $0.0961
PI must first record a decisive break above the $0.0961 resistance level to strengthen its recovery prospects. Clearing this barrier could allow the token to retest the psychological threshold at $0.1000. A sustained move above $0.10 would improve market confidence and potentially extend the rally toward the Fibonacci anchor at $0.1183. The move from $0.0961 to $0.1183 would represent a recovery of approximately 23%. However, Pi Network's limited speculative demand and broader bearish structure could make it difficult for buyers to sustain such a move without an increase in trading volume and Open Interest.
Downside risks remain
On the downside, the previously broken descending trendline near $0.0950 provides Pi Network's immediate support. Holding above this area would keep the short-term recovery attempt intact and give buyers another opportunity to challenge the $0.0961 resistance. A decisive close below $0.0950 could invalidate the recent trendline breakout and increase selling pressure. In that scenario, the record low around $0.0700 would become the main downside target.
For now, Pi Network remains caught between improving momentum and firm resistance. Reclaiming $0.0961 is essential for confirming a recovery toward $0.10 and potentially $0.1183. As the broader market shows tentative signs of improvement, traders will be watching whether PI can capitalize on any positive sentiment shift. For related analysis, see Pi Network's recent developments and Bitcoin's resistance struggle.
This article is for informational purposes only and does not constitute financial advice.
