Pi Network Price Forecast: PI nears record lows as hopes of a bullish breakout recede

• The $0.0704 record-low support comes into view for Pi Network on Wednesday before a rebound towards $0.0762, leaving downside risks in focus.
• A sharp fall in PI futures open interest to nearly $7.50 million signals weaker derivatives market activity.
• Persistent downward momentum leaves the technical outlook for PI bearish.

With PI futures open interest falling sharply to nearly $7.50 million, retail participation in the derivatives market is declining. Pi Network (PI) trades lower on Wednesday at around $0.0755 and remains at risk of a fall towards its record low of $0.0704. Continued downward momentum keeps the technical outlook bearish. 

PI sees traders' interest wane

Demand for Pi Network among derivatives traders is weakening. According to Blockworks data, PI futures open interest (OI) dropped from $8.16 million the previous day to $7.56 million on Wednesday. The decline points to positions being wiped out as the spot price falls. When OI and the spot price decline together, this typically indicates a reduced appetite for risk in the token and, in turn, subdued derivatives market activity.

Technical outlook: PI remains exposed to further losses

Having tested the round-number level of $0.0700 earlier in the day, Pi Network now trades above $0.0760. A rejection of lower prices leaves PI holding near-term support at $0.0740, established by the 15 October low.

The broader bearish trend nevertheless continues, with the PI token below its 50-day and 200-day exponential moving averages (EMAs), at $0.0822 and $0.1134 respectively. A descending resistance line near $0.0779 adds to the obstacle posed by the 50-day EMA, limiting attempts at a recovery.

Momentum indicators give mixed signals. The Moving Average Convergence Divergence (MACD) remains above its signal line but in negative territory, whereas the Relative Strength Index (RSI), at 36, has moved below the midline, indicating that sellers retain control.

A confirmed break below the $0.0740 support level could shift attention to the Fibonacci anchor low around $0.0704. Buyers would be expected to defend that level, which marks the low of the recent bearish cycle.

Any advance would first encounter resistance around $0.0779, where the trendline was broken, followed by the 50-day EMA at $0.0822. The more substantial barrier lies at $0.1049, the 50% retracement 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.)