Pi Network price holds $0.09 as open interest sinks from recent peak

Pi Network (PI) is trading just above $0.09 on Thursday, with its recent recovery losing steam as buyers struggle to push the token above the crucial $0.10 resistance level.

Although PI rebounded from recent lows, weakening speculative demand and cautious sentiment across the broader cryptocurrency market are limiting further gains.

Risk-off sentiment weighs on crypto market

The broader cryptocurrency market remains under pressure as investors continue to favor a defensive approach.

According to CoinMarketCap's Crypto Fear & Greed Index, market sentiment slipped to 39 from 40 a day earlier, keeping the index firmly in "Fear" territory. 

The reading suggests that sellers continue to dominate trading activity despite recent recovery attempts across major digital assets.

The cautious mood has reduced appetite for higher-risk cryptocurrencies, including Pi Network.

Signs of slowing speculative demand are also emerging in Pi Network's derivatives market.

Data from CoinAnk shows that Open Interest (OI) has declined to approximately US$9.6 million (approx. $12.3 million), down from a recent peak of US$12.1 million (approx. $15.7 million) recorded on June 15.

Open Interest measures the total value of outstanding futures and derivatives contracts.

A decline typically indicates that traders are closing positions rather than opening new ones, reflecting weaker participation and reduced speculative momentum.

Lower OI may make it more difficult for PI to sustain a strong upward move without renewed buying interest.

Pi price analysis: Bulls target the 50-day EMA

At the time of writing, the PI/USD 4-hour chart is bearish as the token continues to trade around $0.09.

The token is currently trading below both the 50-day Exponential Moving Average (EMA) at $0.1128 and the 200-day Exponential Moving Average (EMA) at $0.1728

Remaining below these moving averages suggests the broader trend is still bearish despite recent price stabilization

The first major hurdle for bulls lies at the recent 4-hour high near $0.0961.

A successful breakout above this level would bring the psychologically important $0.10 resistance into focus, which also aligns with a descending trendline that has capped previous recovery attempts.

Reclaiming the $0.10 level could improve market sentiment and increase the likelihood of a stronger recovery.

However, if selling pressure returns, traders are monitoring several important support zones, including the July 14 low of $0.0679 and the descending trendline support at $0.0650

Holding these levels would help prevent a deeper decline and preserve the possibility of another recovery attempt.

Momentum indicators continue to favor caution. The Relative Strength Index (RSI) is currently around 49, remaining below the neutral 50 level. 

This suggests that buying momentum remains weak and that recent recovery attempts have yet to attract sustained demand.

Unless the RSI climbs back above 50 alongside stronger trading volume, bullish momentum is likely to remain limited.

Pi Network remains in a consolidation phase as investors wait for stronger bullish catalysts.

Declining Open Interest points to fading speculative activity, while persistent risk-off sentiment across the cryptocurrency market continues to weigh on investor confidence.