Pi Network Falls by 1%: Support Level at $0.0801 Under Threat

The Pi Network token price decreased by 1%, trading around $0.0823. This marks a pause in the recent sell-off after seven consecutive bearish daily closes. The day before, the token lost 7%, with its price approaching the July 31 low of around $0.0801. The recovery is occurring amidst a weakened derivatives market: according to CoinAnk, open interest in futures fell by 14%, to $8.94 million from $10.38 million previously. The $1.44 million reduction reflects a decrease in the nominal value of open positions. This may be due to price declines, position closures, liquidations, or a combination thereof, but the data itself does not indicate how much was due to traders exiting.

According to Santiment, PI's social dominance was 0.13% after rising to 0.14% the previous day. Discussions continue, but social attention does not necessarily translate into purchases: heightened discussions amidst falling open interest present a mixed picture.

The recovery began around 0.0801, but the token is trading below the 23.6% Fibonacci level at 0.0827, measured between 0.1341 and 0.0704. A return to 0.0827 would be the first step towards strengthening the rebound, and sustained movement above would bring the 50-day EMA at 0.0902 into focus. The 200-day EMA is significantly higher, at 0.1247, and trading below both averages maintains the bearish structure. The daily RSI holds around 38, indicating weak momentum, while the MACD has fallen below the signal line in the negative zone. The nearest support remains at 0.0801, with a break below opening the Fibonacci anchor around 0.0704.