Pi Network Falls Below $0.09 as Open Interest Rises Despite Bearish Pressure
Pi Network fell to $0.0865-$0.087 on Monday, extending a five-day decline as futures open interest climbed to $10.15 million. The token is testing support levels at $0.0827 and $0.0801 while broader market sentiment remains mixed.
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Price Action and Technical Levels
Pi Network traded near $0.0865 on Monday, marking a fifth consecutive day of losses. CoinGecko recorded the token at $0.08719 on October 6, representing a 4.3% decline. Sellers have pushed the token below its $0.090 level as bearish momentum persists, though support levels remain defined at $0.0827 and $0.0801, with initial recovery resistance positioned at $0.0911.
Rising Open Interest Amid Price Decline
Despite the downward price pressure, futures open interest in PI rose to $10.15 million from $9.78 million, signaling increased outstanding derivative exposure even as spot prices retreated. This divergence — rising leveraged bets alongside falling prices — suggests traders are positioning for either a reversal or are carrying losses from earlier entries.
Resistance Levels and Broader Context
Some analysts have flagged a potential double-bottom pattern that could trigger a rally if Pi Network breaks above $0.11, though the token continues to weaken despite broader market optimism elsewhere. Buyers are defending rising daily support levels, but the token's weakness stands in contrast to strength seen in other parts of the cryptocurrency market.
Why It Matters
For Traders
Rising OI amid price decline suggests liquidation risk below support; watch for capitulation volume at $0.0827 or $0.0801.
For Investors
Five-day selloff against broader market strength may indicate relative weakness in Pi's fundamentals or adoption narrative.
For Builders
No immediate protocol or product implication; this is a price-action story for Pi holders and speculators.
This article is for information only and is not financial advice. Read the full disclaimer.
