Pi Network Approaches Record Lows as Falling Open Interest Dampens Bullish Breakout Hopes PI token rebounded toward $0.0762 after testing historic support near $0.0704, while plunging derivatives open interest signals declining trader appetite. Technical selling pressure across the cryptocurrency market continues to weigh heavily on Pi Network, where hopes for an immediate bullish breakout appear to be fading. During Wednesday's trading session, the PI token dropped sharply to test critical record-low support around $0.0704 before staging a modest recovery toward $0.0762. Despite this intraday bounce, persistent downside momentum keeps the threat of deeper declines firmly in focus for market participants. Derivatives Activity Drops as Open Interest Plunges Market data highlights declining engagement among leveraged participants. Figures from Blockworks show that PI futures Open Interest contracted to $7.56 million on Wednesday, down from $8.16 million recorded the prior day. This slide toward the $7.50 million threshold points to significant long liquidation and positional wipeouts as the spot price continues its descent. Under standard market dynamics, a simultaneous drop in open interest alongside a declining spot price reflects diminishing risk tolerance among traders and shrinking overall liquidity in the derivatives market. Key Technical Levels and Moving Average Hurdles After briefly touching the round psychological threshold of $0.0700 earlier in the session, Pi Network stabilized to trade above $0.0760. The token successfully defended immediate support at $0.0740, established by its October 15 low, demonstrating brief buying interest at those depths. However, the broader technical structure remains decidedly bearish. PI continues to trade well beneath its 50-day and 200-day Exponential Moving Averages, which sit at $0.0822 and $0.1134, respectively. Adding to the overhead supply, a descending trendline near $0.0779 reinforces the 50-day EMA resistance zone. Initial resistance caps any recovery around $0.0779 and $0.0822, while a more substantial structural hurdle aligns with the 50% Fibonacci retracement level of the downswing from $0.1394 to $0.0704, positioned at $0.1049. Mixed Signals from Daily Momentum Indicators Oscillators present a conflicted short-term picture. The Moving Average Convergence Divergence indicator is holding above its signal line, though it remains confined within negative territory. Concurrently, the Relative Strength Index has slid to 36, flipping below its neutral 50 centerline. This positioning indicates that sellers retain firm control over short-term price discovery, effectively limiting sustainable upward momentum. Broader Crypto Complex Faces Macro and Midterm Headwinds The sluggish performance of Pi Network mirrors weakness visible across major digital assets. Solana remains firmly under pressure, trading below $92 on Wednesday after shedding more than 3.5% over the week. Muted institutional inflows for US-listed spot Solana Exchange Traded Funds, combined with mounting short bets and overheated conditions, continue to restrict upside. Meanwhile, Bitcoin, Ethereum, and Ripple are struggling against strong bearish momentum. Bitcoin traded down nearly 2% below $76,000, testing its 200-day Exponential Moving Average baseline near $76,501. A failure to hold the nearby support zone around $76,466 could trigger accelerated selling. Interestingly, Bitcoin's pullback occurred alongside a softer US Dollar, an asset whose decline normally provides liquidity tailwinds to risk assets. Market jitters coincided with the US midterm election developments, where early returns indicated Democrats leading gains in both congressional houses. Ethereum remains suppressed under overhead resistance, and XRP continues to face rejection at the descending boundary of a falling channel formation. What this means for you The sharp pullback in Pi Network along with broad-based weakness across major cryptocurrencies directly affects retail portfolios and speculative market liquidity. • For Crypto Investors: Capital preservation risks are escalating as the PI token approaches its record low of $0.0704. If the token breaches the critical $0.0740 and $0.0700 support bands, holders face potential accelerated downside that necessitates strict risk management. • Impact on Derivatives Traders: Futures open interest contracting to $7.56 million highlights thinning trading volume and market participation. This reduced liquidity means traders must anticipate higher slippage and sudden volatility during order execution. • Broader Market Sentiment: Bitcoin sliding below $76,000 and Solana falling beneath $92 indicate widespread risk aversion across digital assets. With US midterm election counts creating macro uncertainty, participants should exercise caution before committing new capital. • Monitoring Key Resistance: Strong technical ceilings at $0.0779 and $0.0822 continue to cap price recovery attempts. Until the token manages a decisive close above its 50-day EMA, intraday bounces are likely to encounter fresh selling pressure. Why this happened The downward slide in Pi Network stems from rapid derivative deleveraging, strong technical barriers, and macroeconomic pressures tied to US political events. • Contracting Derivatives Engagement: Futures open interest dropped sharply from $8.16 million to $7.56 million in a single session, reflecting liquidations and trader departures. The resulting loss of liquidity left the spot price vulnerable to aggressive selling pressure. • Overhead Technical Resistance: PI remains locked beneath its 50-day EMA at $0.0822 and 200-day EMA at $0.1134. A persistent descending trendline near $0.0779 has repeatedly repelled bullish attempts, reinforcing ongoing negative price action. • Macroeconomic and Election Headwinds: Digital assets faced broad selling as early US midterm election returns showed Democrats leading in congressional races. This political backdrop pushed Bitcoin under $76,000 and Solana below $92, dragging alternative tokens lower in tandem. Questions & Answers 1. What record low level did Pi Network approach on Wednesday? Pi Network traded near its historic record-low support level of $0.0704 before rebounding back toward $0.0762. 2. How much did PI futures Open Interest decline? PI futures Open Interest dropped from $8.16 million on the previous day to $7.56 million on Wednesday. 3. What are the immediate resistance levels for the PI token? Initial resistance is situated near the $0.0779 trendline and the 50-day EMA at $0.0822, followed by a major hurdle at $0.1049. 4. How did Bitcoin and Solana perform during the session? Solana slipped below $92 after declining more than 3.5%, while Bitcoin fell nearly 2% below $76,000 to test its 200-day EMA near $76,501. https://trendkia.com/en/crypto/rikorda-nichale-staron-ke-kariba-pahuncha-pi-network-derivetivsa-marketa-men-bhari-bikavali-se-teji-ki-ummiden-dhundhali-56379 TrendKia — Har trend, sabse pehle.