Pi Network Token Stalls at $0.0900 Amid Risk-Off Market Sentiment

The Pi Network token (PI) is currently trading around $0.0900, unable to break above the $0.1000 psychological level. The recent recovery faces headwinds as Open Interest declines, indicating a contraction in active positions. According to CoinAnk data, PI Open Interest has dropped to $9.56 million on Thursday, down from its peak of $12.14 million on June 15.

The market sentiment remains risk-off, with the Crypto Fear and Greed Index at 39, down from 40 the previous day. This suggests that sellers continue to dominate, hindering any potential recovery for PI. The token must reclaim the $0.1000 level to sustain a recovery, but the technical analysis shows a consolidative tone below the 50-day Exponential Moving Average (EMA) at $0.1128 and the 200-day EMA at $0.1728.

The Relative Strength Index (RSI) at 39 remains below the neutral 50 line, signaling that recovery attempts are still fragile. The 127.2% Fibonacci extension level of the downswing from $0.1998 to $0.1183 serves as an immediate resistance, guarding the upside to the overhead trendline near the $0.1000 threshold.