Pi Network Price Forecast: Can PI rebound as bearish pressure sends it to a record low?

• Selling pushes Pi Network to a fresh record low on Monday, with losses exceeding 5% so far after a 6% fall the previous day.
• A fall in PI Open Interest from last week’s $8.54 million to $6.57 million points to a wipeout of positions.
• Persistent selling keeps the PI token’s technical outlook bearish even as conditions remain oversold.

Sustained selling has driven Pi Network (PI) to a record low, with the token losing over 5% so far on Monday after declining 6% the previous day. Retail interest in the PI token is also weakening: Open Interest has fallen by over 20% in a week, signalling a substantial unwinding of active positions. Despite oversold conditions, continued downward momentum leaves PI’s technical outlook bearish. 

Is PI losing retail support?

Uncertainty following the US midterm results is weighing on sentiment across the crypto market, 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. 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 strong selling bias and risk-averse sentiment amid forced liquidations. 

Technical outlook: Where could PI find its next support?

At the time of writing on Monday, Pi Network is quoted at $0.0656, with continued bearish trading taking it to a record low. Having broken below the July 14 swing low of $0.0704, the price remains constrained by an overhead resistance trendline at $0.0757.

The broader trend remains firmly under pressure, with PI trading well beneath both its 50-day Exponential Moving Average (EMA) of $0.0803 and its 200-day EMA of $0.1101. A Relative Strength Index (RSI) reading near 18 signals oversold conditions and suggests the downside is stretched. Further evidence of weak momentum comes from the Moving Average Convergence Divergence (MACD) line, which crosses beneath its signal line in negative territory.

For downside support, the Fibonacci retracement of the earlier decline from $0.1394 to $0.0704 points first to $0.0516 at the 127.2% extension level. Beyond that, the 161.8% extension level lies at $0.0277.

Any recovery would initially face resistance at $0.0704, the horizontal level that previously provided support. The next hurdle is the trendline break level near $0.0757, which earlier served as a key barrier.

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