Pi Network Price Forecast: PI holds key support amid easing selling pressure

• $0.0774 remains below Pi Network’s price. The token is edging up on Wednesday, staying above this near-term horizontal support.
• $8.05 million in PI futures Open Interest points to a buildup of active positions, according to derivatives data.
• PI faces a bearish technical outlook and the risk of a breakout, while momentum indicators remain neutral.

PI is up 1% at press time on Wednesday. Pi Network (PI) is building on its recovery from support at $0.0774. Futures Open Interest has jumped above $8 million, offering an early indication of returning retail demand. Persistent downward pressure on the consolidation range leaves PI’s technical outlook mixed.

Protocol v30: Retail demand stays firm as Stellar announces upgrade

Renewed retail demand is beginning to emerge in Pi Network’s derivatives data. According to Blockworks, PI futures Open Interest has climbed from $7.80 million the previous day to $8.05 million. This represents a rise in the notional value of outstanding positions. A buildup in retail positions typically points to growing expectations of a token price rebound.

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

Activating Stellar Protocol v28 on its mainnet remains Pi Network’s priority as of Wednesday. Meanwhile, Stellar’s Bell upgrade creates a path for the Pi Core Team to integrate quantum-resistant security measures.

$0.0774 support: PI holds its ground in technical outlook

At $0.0798, Pi Network continues to consolidate sideways. As of press time on Wednesday, it remains above the 8 October low of $0.0774. A descending resistance trendline linking the highs of 20 June and 22 August limits PI’s upside near $0.0834.

Both the 50- and 200-day Exponential Moving Averages (EMAs), at $0.0860 and $0.1188 respectively, also remain above the price. A lasting recovery requires PI to break above the overhead trendline near $0.0834. That move could clear the way towards the 50-day EMA at $0.0860.

The daily chart continues to show muted momentum. The Relative Strength Index (RSI) sits around 41, while the Moving Average Convergence Divergence (MACD) is near its signal line in negative territory. Together, these readings indicate weak downward momentum rather than a recovery approaching.

The 8 October low of $0.0774 is the only significant support cushioning the downside. A daily close beneath this structural low, however, could deepen the decline towards the record low of $0.0704. Stronger buying interest would be required there to halt a fresh slide.

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