Pi Network (PI) has steadied above $0.07500 after more than two weeks of selling pressure, with futures open interest jumping from $9.11 million to $12.14 million — a 33% increase that signals renewed trader participation. The move comes as softer-than-expected U.S. CPI data lifted broader crypto sentiment, nudging the Crypto Fear and Greed Index from 28 to 35.
Why the selling pressure eased
The stabilization follows a period where PI repeatedly tested lower levels. The 161.8% Fibonacci extension at $0.06793 has held as key downside support, preventing a deeper breakdown. Meanwhile, the CPI release on Wednesday showed inflation cooling more than forecast, which gave a modest tailwind to risk assets including cryptocurrencies. The Fear and Greed Index remains in “fear” territory but has climbed seven points, reflecting reduced market anxiety.
Key levels to watch
On the upside, PI faces resistance at $0.09613 — the 127.2% Fibonacci level — and the psychological $0.1000 mark. A daily close below $0.06793 would invalidate the current rebound scenario and could trigger further downside. The token has not traded above $0.10 since late June.
What the indicators say
PI’s relative strength index sits around 21, deeply oversold. That alone doesn’t guarantee a bounce, but it does suggest the selling has been extreme. The MACD remains below its signal line, confirming the broader trend is still bearish — though the momentum is weakening. Traders are watching for a potential crossover that could signal a shift.
The next few sessions will be telling. If PI can hold above $0.075 and push toward the $0.096 resistance, the recent selling pressure may have run its course. A break below $0.06793, however, would open the door to fresh lows.
