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Key takeaways
Pi Network is trading lower on Thursday, offering a modest pause in its recent selloff as weakening derivatives activity and bearish momentum continued to cloud the recovery outlook.
PI traded around $0.0823, down by 1%, after seven consecutive bearish daily closes. The rebound followed a 7% decline the previous day and came as the token approached its July 31 low near $0.0801.
Despite the bounce, PI remained below key moving averages, leaving buyers with several technical barriers to overcome.
CoinAnk data showed Pi Network futures open interest declining to $8.94 million from $10.38 million the previous day.
The $1.44 million reduction represents a drop of approximately 14% in the notional value of outstanding positions.
Lower dollar-denominated open interest can reflect falling prices, closed positions, liquidations, or a combination of those factors. The figures alone do not establish how much of the decline came from traders exiting the market.
Nevertheless, the contraction suggests the rebound is occurring against a weaker derivatives backdrop rather than a clear expansion in speculative participation.
Santiment data showed PI’s social dominance at 0.13%, following a rise to 0.14% the previous day.
The readings indicate continued discussion about the token despite its recent losses.
However, social attention does not necessarily translate into purchases. Elevated conversation alongside falling open interest presents a mixed picture: PI remains visible to market participants, but that attention has yet to demonstrate a sustained improvement in demand.
PI’s recovery began near $0.0801, but the token continued to trade below the 23.6% Fibonacci retracement at $0.0827, measured between $0.1341 and $0.0704.
Reclaiming $0.0827 would be an initial step toward strengthening the rebound. A sustained move above it could bring the 50-day exponential moving average at $0.0902 into focus.
The 200-day EMA stands considerably higher at $0.1247. Trading beneath both averages keeps the broader technical structure bearish despite Thursday’s gain.
The daily Relative Strength Index hovered around 38, indicating weak momentum without reaching the conventional oversold threshold.
Meanwhile, the MACD line moved below its signal line in negative territory, reinforcing the bearish momentum reading.
Immediate structural support remains at $0.0801. A sustained break below that level would expose the Fibonacci anchor around $0.0704, where buyers could attempt to establish a firmer base.
For now, Thursday’s bounce remains tentative. Holding $0.0801 and reclaiming $0.0827 would improve the near-term setup, while continued weakness would increase the risk of another leg lower.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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