Pi Network Price Forecast: Selling pressure eases as PI holds key support

• With near-term horizontal support around $0.0774 holding, Pi Network makes modest gains on Wednesday.
• At $8.05 million, PI futures open interest points to a build-up of active positions in the derivatives market.
• PI faces a bearish technical outlook and the risk of a breakout, although momentum indicators remain neutral.

A 1% rise at the time of writing on Wednesday extends the rebound in Pi Network (PI) from support at $0.0774. With PI futures open interest climbing above $8 million, there are early indications of a revival in retail demand. PI’s technical picture remains mixed, however, with persistent downward pressure on its consolidation range.

Retail demand stays resilient as Stellar announces Protocol v30

PI futures open interest has increased to $8.05 million from $7.80 million a day earlier, according to Blockworks, signalling growth in the notional value of active positions. These derivatives figures offer early evidence of renewed retail demand for Pi Network. Such a build-up in retail positions typically points to greater expectations of a rebound in a token’s price.

The announcement of Stellar’s new Protocol v30 coincides with this change in the near-term retail outlook. On Wednesday, Stellar Protocol, Pi Network’s underlying blockchain, announced the Protocol v30 upgrade. Known as Bell, the upgrade will introduce muxed addresses through CAP-84 alongside post-quantum ML-DSA signature verification, marking continued progress towards quantum security. 

While Pi Network’s focus as of Wednesday remains on activating Stellar Protocol v28 on its mainnet, Stellar’s Bell upgrade lays the groundwork for the Pi Core Team to introduce quantum-resistant security measures.

Technical outlook: PI holds above $0.0774 support

At $0.0798 at the time of writing on Wednesday, Pi Network continues to consolidate sideways above the 8 October low of $0.0774. A descending resistance trendline linking the highs of 20 June and 22 August continues to cap PI near $0.0834.

Further overhead resistance comes from the 50- and 200-day exponential moving averages (EMAs), at $0.0860 and $0.1188 respectively, with the price below both. A sustained recovery requires PI to break back above the trendline near $0.0834, potentially clearing the way towards the 50-day EMA at $0.0860.

On the daily chart, an RSI (Relative Strength Index) reading around 41 and a MACD (Moving Average Convergence Divergence) close to its signal line in negative territory indicate subdued momentum. Together, they suggest weak downward momentum rather than a recovery being imminent.

The 8 October low of $0.0774 offers the only notable support against further losses. A daily close beneath this structural low, however, could prolong the decline towards the record low of $0.0704. Stronger buying interest would be required at that level to halt a renewed slide.

(The technical analysis of this story was written with the help of an AI tool. Know more.)