While parts of the broader cryptocurrency market experienced a relief rally, Pi Network faced mounting downward pressure at the start of the week. The PI token drifted lower on Monday to hover near $0.0865, extending its decline into a fifth consecutive trading session. Despite the persistent price drop, derivatives activity indicates that retail market participants have not abandoned the token, as positions continued to expand slightly.
Futures Open Interest Stays Above $10 Million
In contrast to the softening spot price action, engagement within the derivatives segment held firm. Data compiled by CoinAnk showed that PI futures Open Interest (OI) climbed to $10.15 million, up from $9.78 million recorded during the previous session. Maintaining open positioning above the $10 million threshold suggests steady retail attention and ongoing liquidity in contract trading.
Nonetheless, an elevated open interest figure does not identify directional positioning by itself. Because futures open interest aggregates both long and short exposure, the rising metric could reflect defensive short positions as easily as optimistic dip-buying. With the underlying spot market continuing to drift lower, traders maintaining unhedged long contracts face heightened liquidation vulnerability if sellers force a deeper breakdown.
Technical Indicators Signal Entrenched Bearish Grip
An examination of the daily chart shows technical momentum firmly tilted in favor of the bears. Downside price action remains structurally capped by the 50-day Exponential Moving Average (EMA) positioned near $0.0911. Further upward, the 100-day EMA sits around $0.0991, while the 200-day EMA resides at $0.1219, collectively validating a sustained, multi-month downtrend structure.
Secondary momentum gauges corroborate this downward trajectory. The Relative Strength Index (RSI) stood at 43 on the daily timeframe, slipping beneath the neutral 50 threshold to signal softening buyer demand. Simultaneously, the Moving Average Convergence Divergence (MACD) indicator held slightly in negative territory. The combined posture of a sub-50 RSI and a negative MACD confirms that sellers retain broad control over market direction.
Key Hurdles Facing Any Upside Rebound
Should dip-buyers attempt to engineer a rebound, several overhead structural barriers are positioned to challenge the recovery. The immediate hurdle is anchored by the 50-day EMA at $0.0911. Beyond that level, bulls face dense resistance around the 50% retracement mark at $0.0990, which converges directly with the 100-day EMA at $0.0991. Until the price manages a daily close above these levels, the technical bias favors continued downside pressure.
Broader Crypto Market Divergence
The sluggish performance of Pi Network contrasted sharply with the general crypto market environment, where major digital tokens staged a synchronized recovery. Bitcoin climbed firmly past $86,000 after finishing September with a 6.33% advance, overcoming historical seasonal weakness and setting up what market data historically views as a favorable October window. Live market metrics showed Bitcoin changing hands around $86,193 against a prior close of $84,764, underpinned by a 14-day RSI of 68 and an EMA golden cross with the 50-day EMA at $78,862 and the 200-day EMA at $75,455. In the near term, pivot levels place key Bitcoin support at $85,448 and resistance at $86,934.
Altcoins mirrored that broader resilience on Friday. Ripple rebounded from weekly lows of $1.47 to change hands near $1.54 as broader risk appetite expanded. Dogecoin gained 3% to trade above $0.097, with buyers targeting a clean push beyond $0.10, aided by a 4% rise in DOGE futures open interest over 24 hours. Ethereum also reinforced its bullish tone by climbing above $2,700, though technical resistance near $2,800 kept immediate ceiling gains in check.
