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

• Over 5% lower so far on Monday, Pi Network has reached a record low. The fall extends the previous day’s 6% loss.
• $6.57 million in PI Open Interest, down from $8.54 million last week, points to a wipeout of positions.
• Persistent selling pressure leaves the PI token’s technical outlook bearish, even with conditions oversold.

Over 5% has been wiped off Pi Network (PI) so far on Monday. Trading at a record low, the token has extended the previous day’s 6% decline. Retail interest in PI has also weakened: Open Interest has fallen by over 20% in a week, signalling a large-scale unwinding of active positions. Despite oversold conditions, sustained downward momentum keeps the technical outlook bearish. 

PI loses retail backing

Uncertainty following the US midterm results is weighing on broader crypto market sentiment, while retail support for Pi Network is fading. According to Blockworks data, PI Open Interest (OI) stands at $6.57 million on Monday, down from $8.54 million last week. That represents a 23% contraction in the notional value of active positions. When OI and spot prices fall together, it typically signals a strong sell-side bias and risk-off sentiment amid forced liquidation. 

$0.0516 support: PI technical outlook

$0.0656 is Pi Network’s price at the time of writing on Monday, as bearish trading takes it to a record low. Having breached the previous swing low of $0.0704 recorded on 14 July, the price remains below the overhead resistance trendline at $0.0757.

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 downward move is stretched. At the same time, the Moving Average Convergence Divergence (MACD) line is crossing beneath its signal line in negative territory, underscoring weak momentum.

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

Any recovery faces initial resistance at $0.0704, the horizontal support level that has now been breached. The next barrier is the trendline break level near $0.0757, which previously served as a pivotal obstacle.

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