Pi Network Price Forecast: PI recovers from record lows as stronger momentum lifts it out of oversold territory

• After setting a record low of $0.0624 the previous day, Pi Network is trading around 7% higher on Tuesday.
• A rise in Pi futures open interest to $6.21 million signals increased positioning in the derivatives market.
• Although the daily RSI has climbed back above 30 from oversold territory, PI’s technical outlook remains mixed.

Following an all-time low of $0.0624 the previous day, Pi Network (PI) has rebounded strongly on Tuesday, gaining over 7%. Open interest has reached $6.21 million, suggesting a modest improvement in demand for the PI token in the derivatives market. However, with the price remaining below a long-term resistance trendline, the technical picture is still mixed. 

Open interest recovery tempers near-term risk

Open interest (OI) in the PI token has increased from $5.89 million the previous day to $6.21 million, according to Blockworks data. The rise suggests that Pi Network is regaining traction in the derivatives market, with a near-term build-up in positions and a firm recovery in sentiment. 

Technical outlook: PI recovery faces overhead resistance

Following five consecutive days of losses, Pi Network has recovered to $0.0703 at the time of writing on Tuesday. Even so, it remains well below its 50-day and 200-day exponential moving averages (EMAs), which stand at $0.0799 and $0.1085 respectively. A long-term resistance trendline linking the highs of 20 June and 22 August also caps the price at around $0.0752. If PI sustains its recovery, that descending trendline near $0.0752 could provide the first resistance, ahead of the 50-day EMA at $0.0799.

At around 35, the Relative Strength Index (RSI) indicates continued weakness alongside a recovery from oversold conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) is still in negative territory, suggesting that downward momentum could continue to outweigh attempts at a recovery.

On the downside, PI’s nearest support lies at $0.0516, corresponding to the 127.2% Fibonacci extension 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.)