Key takeaways
- Pi Network (PI) fell another 6% on Monday after dropping 7% the previous day, extending its prolonged downtrend.
- Retail participation continues to weaken, with Open Interest falling below $9 million, signaling declining leveraged trading activity.
- Analysts warn that ongoing token unlocks could continue to pressure prices if supply outpaces demand.
Pi Network (PI) remained under heavy selling pressure on Monday, falling around 6% after suffering a 7% decline in the previous trading session.
The continued weakness reflects fading retail participation, declining leveraged positions, and concerns that ongoing token unlocks could keep supply ahead of demand.
Technical indicators also suggest the correction may not be over, with the token approaching a key support level near $0.075.
Retail demand continues to fade
Recent derivatives data points to weakening interest among traders. According to CoinAnk, Pi Network’s Open Interest (OI) declined to $8.48 million on Monday from $8.91 million a day earlier.
The drop in Open Interest indicates that traders are closing leveraged positions rather than opening new ones, reflecting reduced confidence and lower speculative activity around the token.
Pi Network price analysis: Bears target the $0.075 support
Technically, Pi Network has remained in a persistent downtrend since late April, forming a falling channel pattern on the daily chart.
The latest decline has pushed the token closer to the channel’s lower support trendline around $0.075.
If sellers successfully break below this level, the next significant support is located near $0.0679, which corresponds to the 1.618 Fibonacci extension measured from the previous decline between $0.1998 and $0.1183.
Technical momentum continues to favor the bears. The Relative Strength Index (RSI) has fallen to approximately 10, placing the asset deep in oversold territory and highlighting the intensity of the recent selling pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, with both the MACD and signal lines trending lower while negative histogram bars continue expanding.
Together, these indicators suggest bearish momentum remains firmly in control despite increasingly oversold conditions.
The immediate focus remains on the $0.075 support level. A decisive breakdown below this area could accelerate losses toward $0.0679, reinforcing the prevailing downtrend.
On the upside, if buyers manage to defend support and trigger a rebound, PI could first target the 1.272 Fibonacci extension at $0.0961, followed by the important $0.1000 psychological resistance.
Until stronger buying activity returns, however, Pi Network’s technical outlook continues to favor additional downside as weak retail demand and expanding token supply weigh on market sentiment.
