Pi Network (PI) is consolidating near the $0.09 mark after a brief recovery from the $0.0708 low, as traders assess whether the token can overcome stubborn resistance levels. The daily chart shows PI reclaiming the 23.6% Fibonacci retracement at $0.0859, but the 20-day EMA at $0.0962 remains a near-term barrier. A decisive close above this level could open the door to a test of the psychologically important $0.10 zone, which also aligns with a descending trendline that has capped prior rallies.
The upcoming Protocol v25 upgrade and scheduled PI unlocks are seen as key catalysts that could influence price direction. The upgrade may improve network fundamentals, while unlock events could alter circulating supply dynamics.
However, bullish momentum is being capped by a risk-off mood across crypto markets. The Crypto Fear & Greed Index slipped to 39, firmly in “Fear” territory, and speculative appetite for PI has waned. Open interest in PI derivatives has fallen to roughly $9.6 million from a June 15 peak of $12.1 million, signaling that traders are closing positions rather than initiating new ones. Lower open interest often reduces the fuel needed for sustained uptrends.
Technical indicators remain cautious. The 4-hour chart shows PI trading below both the 50-day EMA ($0.1128) and 200-day EMA ($0.1728), keeping the broader trend bearish. The 4-hour RSI hovers near 49, below the neutral 50 level, suggesting limited buying conviction. If bulls fail to reclaim $0.0961, support zones at $0.0679 and $0.0650 will be tested again.
