Cryptocurrency markets experienced mixed price action on Friday as Pi Network remains constrained beneath a major overhead technical hurdle. Digital asset sentiment continues to navigate macro pressures stemming from legislative delays in the US Senate and ongoing US-Iran geopolitical friction. Trading around $0.0871, PI sustains support above its mid-summer lows, yet remains capped below a descending resistance trendline near $0.0910, maintaining a cautious technical posture in the near term.
Pi Network Technical Indicators and Open Interest Metrics
Futures market data suggests that speculative interest in Pi Network remains resilient despite recent price consolidation. Figures from CoinAnk reveal that PI futures Open Interest (OI) stood at $9.21 million on Friday, marking the third consecutive day that position sizing has held above the $9 million threshold. However, this reflects a mild cooling from Wednesday's OI peak of $9.69 million, indicating a slight easing in active perpetual contract valuations.
Technical oscillators on the daily timeframe show subtle signs of stabilizing momentum. The Relative Strength Index (RSI) currently registers at 46, shifting upward toward its 50 midline as immediate selling pressure abates. Concurrently, the Moving Average Convergence Divergence (MACD) indicator is sloping upward above its signal line in negative territory, reinforcing the potential for downside momentum to wane. Should bearish pressure reemerge, primary structural support remains anchored near the historical low of $0.0700.
US Senate Delays CLARITY Act Floor Vote Amid Geopolitical Backdrop
Broader market sentiment across altcoins is feeling the impact of delayed regulatory decisions in Washington. The US Senate has deferred its planned floor vote on the crypto CLARITY Act to next month following the scheduled summer recess starting Monday. This postponement, combined with lingering geopolitical friction between the US and Iran, has fostered an environment of heightened risk sensitivity among market participants.
Ondo Experiences Downward Pressure as Retail Demand Eases
The legislative impasse in the Senate has weighed notably on Ondo. ONDO declined over 2% on Friday, extending a 4% drop recorded during the previous trading session. Retail appetite for the token has cooled alongside a drop in Open Interest and a shift into negative funding rates. The technical outlook for ONDO remains tilted to the downside as bearish momentum gains additional traction.
Bitcoin and Ethereum Maintain Key Support Levels
Despite broader market headwinds, benchmark cryptocurrencies are showing structural resilience supported by institutional flows. Ethereum is hovering around $1,912, recording a steady tone above its previous session close of $1,902. Sustained Exchange Traded Fund (ETF) inflows and persistent token accumulation among large-scale ETH holders suggest underlying bullish building blocks. Live technical metrics place ETH within its 52-week range of $1,507 to $3,447, with short-term support anchored near its EMA20 at $1,878 and EMA50 at $1,856.
Meanwhile, Bitcoin continues to hold ground firmly above $64,000. Upside momentum remains capped by the 50-day Exponential Moving Average positioned at $64,637, which acts as immediate overhead resistance.
Cardano and LayerZero Lead Selective Altcoin Rebound
In contrast to the broader altcoin consolidation, specific tokens demonstrated relative strength. Cardano and LayerZero retained gains from Thursday's bounce, outperforming top-tier altcoins over the 24-hour period. This performance underscores selective market interest even as traders monitor macroeconomic and regulatory developments.
