Pi Network Price Forecast: Can PI sustain its defence of key support as selling pressure eases?

• Holding above near-term horizontal support around $0.0774, Pi Network posts a modest gain on Wednesday.
• Active positions appear to be building, with derivatives data putting PI futures Open Interest at $8.05 million.
• A bearish technical outlook leaves PI at risk of a breakout, while momentum indicators point to neutral conditions.

Renewed retail demand is showing early signs of emerging as Pi Network (PI) extends its recovery from support at $0.0774, trading 1% higher at press time on Wednesday. PI futures Open Interest has surged above $8 million. However, persistent downward pressure on the consolidation range leaves PI’s technical outlook mixed.

Can retail demand stay firm amid Stellar Protocol v30 news?

Early indications of a revival in retail demand are emerging in Pi Network’s derivatives market. According to Blockworks data, PI futures Open Interest has climbed from $7.80 million the previous day to $8.05 million, signalling a rise in the notional value of active positions. Such a retail buildup typically points to growing expectations of a recovery 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, the blockchain underlying Pi Network, announced the Protocol v30 upgrade. Through CAP-84, the Bell upgrade will introduce muxed addresses 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 creates a path for the Pi Core Team to integrate quantum-resistant security measures.

Technical outlook: Can PI hold the $0.0774 support?

With sideways consolidation continuing above the 8 October low of $0.0774, Pi Network is trading at $0.0798 at press time on Wednesday. A descending resistance trendline linking the 20 June and 22 August highs continues to cap PI 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 move back above the overhead trendline by breaking through near $0.0834. This could clear the way for a move towards the 50-day EMA at $0.0860.

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

The 8 October low of $0.0774 offers the only significant support against further losses. A daily close below this structural low, however, could deepen the decline towards the record low of $0.0704. Stronger buying interest would be required at that level to halt any fresh slide.

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