Pi Network OI drops 14% after 7 red days—$0.0801 at risk

Pi Network traded around $0.0823 on Thursday, down about 1% after seven straight bearish daily closes, as the token hovered above support near $0.0801, according to the source report. The modest bounce followed a 7% decline the prior day and came as price approached its July 31 low near $0.0801.

Derivatives backdrop weakens

Futures open interest fell to $8.94 million from $10.38 million, a drop of roughly 14%, according to CoinAnk data cited in the report. The article noted that lower dollar-denominated open interest can reflect price declines, position closures, liquidations, or a mix of those factors; the figures do not show how much each contributed. The report characterized the rebound as occurring against a softer derivatives backdrop, not an expansion of speculative activity.

Santiment data cited in the article showed PI’s social dominance at 0.13% after 0.14% the day before, implying ongoing discussion despite recent losses. The source cautioned that social attention does not necessarily translate into buying.

Key levels: $0.0801 support, $0.0827 and $0.0902 resistance

The report highlighted $0.0827 as initial resistance—the 23.6% Fibonacci retracement measured between $0.1341 and $0.0704. Above that, the 50-day exponential moving average sits near $0.0902, while the 200-day EMA is much higher at $0.1247. The article said trading below both averages keeps the broader setup bearish.

Immediate structural support remains $0.0801. The source said a sustained break below that level would expose the $0.0704 Fibonacci anchor.

Momentum still soft

According to the report, the daily Relative Strength Index hovered near 38 and the MACD line sat below its signal line in negative territory—both consistent with bearish momentum.

What would improve the picture

The article said holding $0.0801 and reclaiming $0.0827 would help stabilize the near-term outlook. Continued weakness would raise the risk of another leg lower, per the source.