Pi Network (PI) stalled at $0.0910…Will it revisit its all-time low?

▲ Pi Network/Source: X ©

Pi Network (PI) has been blocked by the downtrend line at $0.0910, increasing the risk of giving up its rebound and falling back to around its all-time low of $0.0700. Futures open interest exceeded $9 million, maintaining speculative demand, but there is insufficient buying momentum to turn the technical trend bullish.

According to investment media FXStreet on August 7 (local time), Pi Network fell to $0.0871 on Friday, continuing the previous day's weakness. Amid increased market volatility due to the delay in voting on the US crypto market structure bill, the Clarity Act, and tensions between the US and Iran, the price is being restricted from rising below the downtrend line near $0.0910.

According to CoinAnk, PI futures open interest was $9.21 million, exceeding $9 million for three consecutive days. This indicates that speculative demand from individual investors is being maintained. However, open interest decreased from $9.69 million on Wednesday, suggesting a slight reduction in the nominal value of active perpetual contracts.

Technical indicators showed signs of easing selling pressure and downside risk simultaneously. The daily Relative Strength Index (RSI) rose to 46, heading towards the neutral line, and the Moving Average Convergence Divergence (MACD) moved above its signal line in the negative territory. However, to recover a bullish trend, it must firmly close above $0.0910 and then break through the Fibonacci 127.2% extension line at $0.0961. In this scenario, $0.1183 would emerge as the next key resistance level, but if it fails to break through, $0.0700, near its all-time low, is expected to act as a major support level.

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