Pi Network's PI token traded near $0.0865 on Monday, marking a fifth straight day of declines. The drop puts the token below its 50-day EMA at $0.0911, the first level buyers would need to reclaim for any recovery to take hold. What's notable is that futures positioning is moving the other way: open interest rose to $10.15 million from $9.78 million a day earlier, roughly a 3.8% increase.
So spot is bleeding and derivatives are adding exposure. That combination doesn't usually resolve quietly.
Where the chart sits
The 50-day EMA at $0.0911 is the immediate hurdle. Above that, the 50% Fibonacci retracement sits at $0.0990 and the 100-day EMA at $0.0991 — essentially the same level, which makes that zone a harder ceiling than either number suggests on its own. The 200-day EMA is way up at $0.1219.
Momentum isn't helping. The RSI is around 43, below the neutral 50 line but not deep enough into oversold territory to suggest a reflex bounce is due. The MACD remains slightly negative. Neither indicator is screaming capitulation, and neither is pointing to a turn.
Support levels to watch
The first real floor is $0.0827, the 23.6% Fibonacci retracement drawn between $0.1341 and $0.0704. Just below that is the July 31 low of $0.0801, which has already proven it can stop a slide once. If both give way, the $0.0704 swing low is the next area on the map.
Those levels are close together — less than two cents from the current price down to the swing low — which means there isn't much room for a gradual grind lower. Moves through thin support tend to be fast.
The open interest question
Rising open interest during a five-day price decline is the kind of setup that can go either way. It can mean traders are building short positions to ride the trend, or it can mean longs are averaging down and adding leverage into weakness. The data doesn't say which. What it does say is that more money is now committed to PI futures than a day ago, and that positions will eventually need to be closed.
Meanwhile, the broader crypto Fear and Greed Index reads 67 — 'greed' territory. A token sliding for five sessions against a market that's still leaning greedy is its own kind of signal. PI isn't tracking the wider mood right now.
What has to happen
For buyers to take back control, the first job is a daily close above $0.0911. That clears the 50-day EMA and opens the path to the $0.0990–$0.0991 cluster. Until then, the trend is still down and the supports at $0.0827 and $0.0801 are the levels that matter.
The next few sessions will show whether that open interest build was shorts pressing an advantage or longs betting on a bounce. Either way, it's $0.0827 first.
