Record-low rebound: Pi Network price forecast as PI moves out of oversold territory and momentum strengthens

Around 7% is Pi Network’s gain on Tuesday, following Monday’s record low of $0.0624.
At $6.21 million, Pi futures Open Interest signals a rise in derivatives market positioning.
A recovery above 30 in the daily RSI after a dip into oversold territory leaves PI’s technical signals mixed.

Over 7% is Pi Network’s (PI) rebound on Tuesday. The strong recovery follows an all-time low of $0.0624 the previous day. A rise in Open Interest to $6.21 million points to a modest improvement in derivatives demand for the PI token. With the price remaining below a long-term resistance trendline, however, the technical picture is still mixed.

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$6.21 million Open Interest recovery reduces near-term risk

A rise in PI token Open Interest (OI) to $6.21 million from $5.89 million the previous day suggests Pi Network is recovering ground in derivatives trading. The Blockworks figures point to a near-term build-up in positions alongside a firm recovery in sentiment.

Open Interest chart for the PI token. Source: Blockworks

$0.0752 resistance in focus as PI seeks to recover

At $0.0703 at the time of writing on Tuesday, Pi Network is recovering after five consecutive days of declines. It remains well below its 50-day and 200-day Exponential Moving Averages (EMAs), 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, the 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 negative, suggesting downward momentum could continue to outweigh attempts at a recovery.