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- Pi Network (PI) fell another 6% on Monday after dropping 7% the previous day, extending its all-time low.
- Trade participation is slowing, with Open Interest falling below $9 million, reflecting a slowdown in developing trades.
- Analysts warn that the continued opening of tokens could continue to pressure prices if needed.
Pi Network (PI) remained under pressure to sell on Monday, falling nearly 6% after suffering a 7% decline in the previous trading session.
The continued weakness reflects the end of retail sales, reduced positions, and concerns that the ongoing opening of the tokens could lead to a better performance.
Technical indicators also show that the correction is not possible, the indicator is approaching the main support level near $0.075.
Commercial demand continues to fade
Recent data shows a weakening of interest among traders. According to CoinAnk, Pi Network’s Open Interest (OI) fell to $8.48 million on Monday from $8.91 million the previous day.
A decrease in Open Interest indicates that traders are closing open positions rather than opening new ones, indicating lower confidence and lower speculative activity around the indicator.
Pi Network price analysis: Bears look for support at $0.075
Technically, Pi Network has remained in a downward trend since the end of April, creating a bearish trend on the daily chart.
The recent decline has brought the indicator closer to the lows of the channel around $0.075.
If the sellers break well below this level, the next support is near $0.0679, which corresponds to the 1.618 Fibonacci retracement measured from the previous low between $0.1998 and $0.1183.
The pace of technology continues to favor the bears. The Relative Strength Index (RSI) has dropped to around 10, placing the stock in oversold territory and confirming the growth of the recent selloff.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, with the MACD and signal lines moving downwards while the negative histogram bars continue to grow.
Together, these indicators suggest that bearish trends are still in place despite the increasing volatility.
The temporary focus remains at the $0.075 support level. A definite break below this area could accelerate losses to $0.0679, reinforcing the current bearish trend.
On the other hand, if the buyers are able to protect the support and initiate a reversal, the PI may target the 1.272 Fibonacci retracement at $0.0961, followed by the $0.1000 key resistance.
Until the buying activity resumes, however, the Pi Network’s technical outlook continues to be in a bearish bias as lower trading demand and token expansion continue to weigh on the market.
