Key takeaways
- Pi Network (PI) fell another 6% on Monday after falling 7% the day before, continuing its long downtrend.
- Retail participation continues to weaken, with open interest falling below $9 million, indicating a decline in leveraged trading activity.
- Analysts warn that ongoing token unlocks could continue to put pressure on prices if supply exceeds demand.
Pi Network (PI) remained under heavy selling pressure on Monday, falling about 6% after suffering a 7% decline in the previous trading session.
The continued weakness reflects fading retail participation, declining leveraged positions, and concerns that continued token unlocks may keep supply ahead of demand.
Technical indicators also suggest that the correction may not be over, with the token approaching a key support level near $0.075.
Retail demand continues to wane
Recent derivatives data indicates weak interest among traders. According to CoinAnk, Pi Network’s open interest (OI) fell to $8.48 million on Monday from $8.91 million the previous day.
The decrease in open interest indicates that traders are closing leveraged positions rather than opening new positions, reflecting decreased confidence and decreased speculative activity around the token.
Pi Network Price Analysis: Bears target $0.075 support
Technically, Pi Network has been in a continuous downtrend since late April, forming a bearish channel pattern on the daily chart.
The recent decline pushed the token closer to the channel’s lower support trend line at $0.075.
If sellers succeed in breaking this level, the next important support is near $0.0679, which corresponds to the 1.618 Fibonacci extension measured from the previous low between $0.1998 and $0.1183.
Technical momentum continues to favor the bears. The Relative Strength Index (RSI) fell to around 10, putting the asset deep into oversold territory and highlighting the intensity of recent selling pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, with both the MACD and its signal lines trending lower while the negative histogram bars continue to expand.
Together, these indicators suggest that bearish momentum remains firmly in control despite increasingly oversold conditions.
Immediate focus remains on the $0.075 support level. A decisive break below this area could accelerate losses towards $0.0679, reinforcing the prevailing downtrend.
On the upside, if buyers can defend support and trigger a bounce, the PI could first target the 1.272 Fibonacci extension at $0.0961, followed by the important psychological resistance of $0.1000.
However, until stronger buying activity returns, Pi Network’s technical outlook continues to favor additional downside as weak retail demand and expanding token supply weigh on market sentiment.
