Pi Network (PI) has extended its losing streak to three sessions, slipping below the $0.0875 support level to trade at $0.085. The token remains capped under the psychologically significant $0.1000 mark, as persistent bearish sentiment across the broader cryptocurrency market limits any recovery attempts.
Despite the price weakness, activity in the PI derivatives market has remained relatively firm. Futures open interest held above $9 million, according to CoinAnk data, rising to $9.16 million on Tuesday from $9.02 million the prior session. This modest uptick suggests that traders are opening new positions rather than exiting, though it does not clarify whether those positions are bullish or bearish.
Market headwinds weigh on altcoins
The broader digital asset market continues to face downward pressure, with major cryptocurrencies and altcoins struggling to find footing. Bitcoin's recent pullback has contributed to the negative tone, while reports that MARA Holdings and Strategy reduced parts of their BTC holdings have further dampened investor confidence. Such developments tend to increase risk aversion, hitting speculative assets like Pi Network particularly hard.
However, the stability in PI's futures market offers a glimmer of resilience. Rising open interest during a price decline can indicate that traders are positioning for a potential reversal, or it could simply reflect fresh short positions anticipating further downside.
Technical outlook: support at $0.08397 critical
Pi Network continues to trade well below the $0.1000 psychological threshold, which remains its primary near-term resistance. The failure to reclaim this level keeps the broader price structure bearish, suggesting that sellers remain in control. The $0.08397 level now stands as a crucial support zone that could determine the token's next direction.
A successful retest of this support could attract buyers looking for a discounted entry, but the token must generate stronger momentum to confirm a sustainable rebound. Momentum indicators on the daily chart present a mixed picture. The Relative Strength Index (RSI) sits at 36, approaching oversold territory. If the RSI drops below 30, it would signal that selling pressure may be excessive, potentially paving the way for a short-term bounce. However, oversold conditions do not guarantee a reversal, as assets can remain oversold for extended periods during strong downtrends.
The Moving Average Convergence Divergence (MACD) indicator offers a modestly positive signal, with the MACD line slightly above its signal line. This suggests that bearish momentum may be losing intensity, but buyers have yet to establish clear control.
Potential paths: rebound or slide to $0.07
If Pi Network holds the $0.08397 support, the token could attempt a recovery toward the 50% Fibonacci retracement level at $0.10221. A move above that would also place PI back above the $0.1000 threshold, potentially improving short-term sentiment and attracting additional buying interest. Further upside could target the $0.11905 resistance level.
Conversely, a decisive close below $0.08397 would weaken the rebound scenario and suggest that the broken trendline has failed to provide support. Such a breakdown could expose Pi Network to an extended decline toward the psychological $0.07000 level, which sits near the previous swing low of $0.07032. This level has been a focal point for traders, and a revisit could trigger renewed selling or attract bargain hunters.
For now, firm futures-market activity and oversold momentum provide some hope of a recovery. Nevertheless, PI must defend $0.08397 and reclaim $0.1000 to establish a more convincing bullish outlook. Traders will be watching these levels closely, especially given the recent struggle against resistance and the broader market's sensitivity to negative news.
This article is for informational purposes only and does not constitute financial advice.
