Pi Network’s PI token fell to around $0.0865 on Monday, extending its decline to a fifth consecutive day despite relatively positive sentiment across the broader cryptocurrency market.
The move comes as futures open interest increases. Data from CoinAnk shows open interest rising to $10.15 million from $9.78 million a day earlier, an increase of roughly 3.8%. The figure represents the notional value of active derivatives contracts, but it does not indicate whether traders are predominantly positioned for gains or further losses.
PI remains below key trend levels
PI is trading below its major daily exponential moving averages, keeping the token’s short- and longer-term technical picture weak. The 50-day EMA is at $0.0911, representing the first significant resistance level, while the 100-day and 200-day EMAs stand near $0.0991 and $0.1219, respectively.
Momentum indicators also continue to favor sellers. The Relative Strength Index is around 43, below the neutral 50 mark but not yet in oversold territory. The Moving Average Convergence Divergence indicator remains slightly negative, offering little evidence of a sustained recovery.
Support levels in focus
Immediate support is positioned at $0.0827, corresponding to the 23.6% Fibonacci retracement of the move between $0.1341 and $0.0704. The July 31 low at $0.0801 is another nearby level to watch. A break below those zones could expose the $0.0704 swing low.
For the decline to ease, buyers would first need to reclaim $0.0911. A move above that level could bring the $0.0990-$0.0991 area into focus, where the 50% Fibonacci retracement and the 100-day EMA converge. Until PI recovers those levels, the combination of falling prices and higher derivatives exposure leaves the token’s near-term trend vulnerable.
