Pi Network Price Forecast: Record lows in sight for PI as bullish breakout hopes recede

• $0.0704 is the record-low support in focus for Pi Network. The token approaches that level on Wednesday before recovering towards $0.0762, leaving downside risks in view.
• Nearly $7.50 million remains in PI futures Open Interest after a sharp decline, signalling weaker derivatives market activity.
• Persistent downward momentum keeps PI’s technical outlook bearish.

$0.0755 is Pi Network’s (PI) approximate trading level on Wednesday. The token remains in the red, with the record low of $0.0704 a downside risk. A plunge in PI futures Open Interest to nearly $7.50 million accompanies declining retail activity in derivatives. Continued downward momentum leaves the technical outlook bearish. 

$7.56 Million in PI Open Interest as Trader Demand Fades

Demand for Pi Network among derivatives traders is weakening. According to Blockworks data, PI futures Open Interest (OI) dropped from $8.16 million the previous day to $7.56 million on Wednesday. Alongside the falling spot price, this suggests a wipeout of positions. Declines in both OI and spot prices typically indicate lower risk appetite for the token, resulting in subdued derivatives activity.

$0.0740 Support Holds as PI’s Technical Outlook Remains Bearish

After testing the $0.0700 round-number level earlier in the day, Pi Network is trading above $0.0760. Rejection of lower prices leaves PI holding near-term support at $0.0740, established by the 15 October low.

The bearish trend nevertheless continues, with PI below its 50-day and 200-day Exponential Moving Averages (EMAs), at $0.0822 and $0.1134 respectively. A descending resistance line near $0.0779 adds to the technical barrier posed by the 50-day EMA, limiting recovery attempts.

Momentum signals are still mixed. In negative territory, the Moving Average Convergence Divergence (MACD) remains above its signal line. Meanwhile, the Relative Strength Index (RSI), at 36, has moved below the midline, indicating that sellers retain control.

A confirmed break beneath the $0.0740 base could shift attention to the Fibonacci anchor low near $0.0704. Buyers would be expected to defend that level in the recent bearish cycle.

For any recovery, the first resistance levels lie around $0.0779, where the trendline was broken, and at the 50-day EMA of $0.0822. The stronger obstacle is $0.1049, corresponding to the 50% retracement of the decline from $0.1394 to $0.0704.

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