coinjournal.net
26 m
Key takeaways
Pi Network is trading lower on Thursday, offering a modest pause in its recent selloff as weakening derivatives activity and bearish momentum continued to cloud the recovery outlook.
PI traded around $0.0823, down by 1%, after seven consecutive bearish daily closes. The rebound followed a 7% decline the previous day and came as the token approached its July 31 low near $0.0801.
Despite the bounce, PI remained below key moving averages, leaving buyers with several technical barriers to overcome.
CoinAnk data showed Pi Network futures open interest declining to $8.94 million from $10.38 million the previous day.
The $1.44 million reduction represents a drop of approximately 14% in the notional value of outstanding positions.
Lower dollar-denominated open interest can reflect falling prices, closed positions, liquidations, or a combination of those factors. The figures alone do not establish how much of the decline came from traders exiting the market.
Nevertheless, the contraction suggests the rebound is occurring against a weaker derivatives backdrop rather than a clear expansion in speculative participation.
Santiment data showed PI’s social dominance at 0.13%, following a rise to 0.14% the previous day.
The readings indicate continued discussion about the token despite its recent losses.
However, social attention does not necessarily translate into purchases. Elevated conversation alongside falling open interest presents a mixed picture: PI remains visible to market participants, but that attention has yet to demonstrate a sustained improvement in demand.
PI’s recovery began near $0.0801, but the token continued to trade below the 23.6% Fibonacci retracement at $0.0827, measured between $0.1341 and $0.0704.
Reclaiming $0.0827 would be an initial step toward strengthening the rebound. A sustained move above it could bring the 50-day exponential moving average at $0.0902 into focus.
The 200-day EMA stands considerably higher at $0.1247. Trading beneath both averages keeps the broader technical structure bearish despite Thursday’s gain.
The daily Relative Strength Index hovered around 38, indicating weak momentum without reaching the conventional oversold threshold.
Meanwhile, the MACD line moved below its signal line in negative territory, reinforcing the bearish momentum reading.
Immediate structural support remains at $0.0801. A sustained break below that level would expose the Fibonacci anchor around $0.0704, where buyers could attempt to establish a firmer base.
For now, Thursday’s bounce remains tentative. Holding $0.0801 and reclaiming $0.0827 would improve the near-term setup, while continued weakness would increase the risk of another leg lower.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Hurricane Approaches the U.S. Gulf of Mexico, Shutting Down a Quarter of Oil Production and Pushing Oil Prices Higher
About 512,000 barrels per day of oil production in the Gulf of Mexico have already shut down, accounting for 25% of the region’s total output, and 16% of natural gas production has been suspended. Companies such as Shell and Chevron have evacuated non-essential personnel. It is estimated that roughly 2.7 million barrels per day, or 14% of the US refining capacity, are located within or near the projected hurricane path. Currently, crude oil and refined product prices are elevated, and US refineries are operating at full capacity to fill the gap. Mizuho Securities warns that if US refining capacity is forced offline, the consequences "will be catastrophic."
US agencies: Blockchain records do not grant legal IP ownership for NFTs
Trump “Debunks Rumors”? Says He Won’t Attack Iran Before Election; Iranian Foreign Minister Says Negotiations Held Through Mediators
On the US side, Trump stated that productive talks are ongoing with Iran, and that there will be no attack on Iran before the US midterm elections on November 3. The news pushed US Treasury yields lower, while crude oil gave back part of its gains, and gold quickly turned higher. The US has imposed a new round of sanctions on Iran, targeting 17 vessels transporting Iranian crude oil and petrochemical products. On the Iranian side, the Iranian Foreign Minister said that Iran has listened to the US response regarding the "seven-day plan" and will reply within a few days. The commander of the Islamic Revolutionary Guard Corps of Iran stated that they are ready at any time to deliver a devastating response to the enemy, and that the Strait of Hormuz is Iran's strategic red line.
NEAR Protocol Price Corrects After Accumulation: Is $8 Next, or Is the Rally Losing Momentum?
