Headline: Pi Network (PI) tumbles again as retail demand wanes and traders trim leverage
Pi Network’s token slid roughly 6% on Monday—following a 7% drop the session before—as selling pressure persists amid fading retail interest, shrinking leveraged positions and worries that ongoing token unlocks will keep supply ahead of demand.
Why PI is under pressure
- Retail participation is cooling. Derivatives data from CoinAnk shows Open Interest fell to $8.48 million on Monday from $8.91 million a day earlier, signaling that traders are closing leveraged bets rather than opening new ones.
- Token unlocks remain a market overhang. Continued increases in circulating supply could keep sell-side pressure higher than buying demand in the near term.
- Technical momentum favors the bears. PI has been trading in a downtrending channel since late April and is now testing a key lower trendline.
Key technical levels to watch
- Immediate support: ~$0.075 — the channel’s lower trendline. A decisive break below this level would likely accelerate losses.
- Next downside target: ~$0.0679 — the 1.618 Fibonacci extension measured from the prior move between $0.1998 and $0.1183.
- Near-term resistance: $0.0961 (1.272 Fibonacci extension), with the psychological $0.10 level above that.
Momentum readings
- RSI: ~10, indicating the token is deeply oversold and reflecting the intensity of recent selling.
- MACD: below the zero line, with both MACD and signal lines trending lower and expanding negative histogram bars, underscoring sustained bearish momentum.
Bottom line
With Open Interest falling and technical indicators still tilted toward sellers, the path of least resistance for PI remains down unless stronger buying returns to defend the $0.075 area. A rebound from that support could open a recovery toward $0.096–$0.10; a clear breakdown, however, would likely push price toward the $0.0679 target.
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