Pi Network Price Forecast: PI moves out of oversold territory as momentum strengthens and prices rebound from record lows

• A rebound of around 7% lifts Pi Network on Tuesday, following Monday’s record low of $0.0624.
• Positioning in Pi derivatives increases as futures Open Interest climbs to $6.21 million.
• Despite the daily RSI moving back above 30 from oversold territory, PI’s technical signals remain mixed.

A strong rebound lifts Pi Network (PI) by over 7% on Tuesday, following an all-time low of $0.0624 the day before. A modest improvement in demand for the PI token in the derivatives market accompanies the recovery, with Open Interest reaching $6.21 million. However, a long-term resistance trendline continues to cap the price, leaving the technical outlook mixed. 

Can the Open Interest recovery ease near-term risk?

Sentiment towards Pi Network is showing a firm recovery as derivatives positioning builds in the near term. According to Blockworks data, Open Interest (OI) in the PI token has increased from $5.89 million the previous day to $6.21 million, signalling renewed traction in the derivatives market. 

Technical outlook: Can PI recapture lost ground?

After five consecutive days of declines, Pi Network is rebounding to trade at $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 joining the highs of 20 June and 22 August also caps the price at around $0.0752. If PI sustains its recovery, this descending trendline near $0.0752 could provide the first resistance, ahead of the 50-day EMA at $0.0799.

Although the Relative Strength Index (RSI) has recovered from oversold conditions, its reading of around 35 still indicates weakness. Meanwhile, the Moving Average Convergence Divergence (MACD) stays below zero, suggesting that bearish momentum could continue to outweigh attempts at a recovery.

On the downside, PI’s nearest support lies at $0.0516. This corresponds 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.)