Pi Network Price Forecast: PI sinks to record low as bearish pressure dashes recovery hopes

• A decline of over 5% so far on Monday takes Pi Network to a record low, following the previous day’s 6% fall.
• A fall in PI Open Interest from $8.54 million last week to $6.57 million points to a wipeout of positions.
• Persistent selling pressure leaves the PI token’s technical outlook bearish, even as conditions remain oversold.

Losses of over 5% so far on Monday have pushed Pi Network (PI) to a record low after a 6% fall the previous day. A weekly drop of over 20% in Open Interest also points to fading retail interest in the PI token and a substantial unwinding of active positions. Despite oversold conditions, continued downward momentum leaves PI’s technical outlook bearish. 

PI loses retail backing

Uncertainty following the US midterm results is weighing on sentiment across the crypto market, while retail support for Pi Network is weakening. According to Blockworks data, PI Open Interest (OI) stands at $6.57 million on Monday, down from $8.54 million last week. This represents a 23% reduction in the notional value of active positions. A simultaneous fall in OI and the spot price typically points to a pronounced selling bias and risk-off sentiment amid forced liquidation. 

Technical outlook: PI extends its decline to fresh lows

At $0.0656 at the time of writing on Monday, Pi Network has extended its decline to a record low. An overhead resistance trendline at $0.0757 continues to cap the price, which has broken below the previous swing low of $0.0704 recorded on 14 July.

With PI trading well beneath both the 50-day Exponential Moving Average (EMA) at $0.0803 and the 200-day EMA at $0.1101, the broader trend remains firmly under pressure. A Relative Strength Index (RSI) reading near 18 signals oversold conditions and suggests the downside move is stretched. At the same time, a cross below the signal line by the Moving Average Convergence Divergence (MACD) line in negative territory underlines the weakness in momentum.

On the downside, applying Fibonacci retracement analysis to the previous fall from $0.1394 to $0.0704 places the next support at $0.0516, the 127.2% extension level. Beyond that lies the 161.8% extension level at $0.0277.

For any recovery, the former horizontal support at $0.0704 now provides initial resistance. The next barrier is the trendline break level around $0.0757, previously a pivotal obstacle.

(The technical analysis of this story was written with the help of an AI tool. Know more.)