Pi Network’s PI token edged up to around $0.0823 on Thursday, but the modest recovery did little to ease the broader bearish trend. The move followed a 7% decline in the previous session and came after seven consecutive daily closes in the red.
PI briefly recovered from support near $0.0801, a level close to its July 31 low. However, the token remained below key moving averages, while weakening futures activity suggested that the rebound was not being supported by stronger speculative demand.
Open interest falls to $8.94 million
Data from CoinAnk showed that open interest in Pi Network futures fell to $8.94 million from $10.38 million a day earlier. The $1.44 million decrease represents an approximate 14% decline in the notional value of outstanding positions.
A drop in dollar-denominated open interest can result from falling prices, traders closing positions, liquidations or a combination of those factors. The data does not identify how much of the decline came from traders exiting the market, but it indicates that PI’s bounce is taking place against a weaker derivatives backdrop.
Pi’s social dominance stood at 0.13%, down from 0.14% the previous day, according to Santiment. The token continues to attract some market discussion, although social attention alone does not confirm a recovery in buying demand.
PI remains below key technical levels
Near-term resistance is positioned around $0.0827, corresponding to the 23.6% Fibonacci retracement measured between $0.1341 and $0.0704. A sustained move above that level could put the 50-day exponential moving average at $0.0902 into focus.
The longer-term technical picture remains weak. PI is also trading below its 200-day EMA at $0.1247, while the daily Relative Strength Index was around 38, indicating soft momentum without reaching the traditional oversold threshold. The MACD line remained below its signal line in negative territory, reinforcing the bearish reading.
Support near $0.0801 is now important for the short-term outlook. A decisive break below it could expose the Fibonacci level around $0.0704. Conversely, holding that support and reclaiming $0.0827 would provide an early sign that the recovery is gaining strength.
