Pi Network Price Recovery Stalls Amid Low Social Interest
The Pi Network's price recovery has stalled, and the token is hovering around $0.0800. Despite three consecutive days of improvement, social interest and speculative demand remain low, with a decline in Open Interest to $8.22 million on Friday from $12.14 million on July 15.
Pi Network announced its Stellar Protocol version 26 upgrade to the mainnet, but it failed to boost retail support for the token. According to Santiment data, social volume for Pi dropped to 15 on Thursday, down from 20 the previous day, and social dominance halved to 0.010% from 0.020%. These figures indicate a relatively low level of interest in the token compared to its previous spikes.
The technical outlook for PI is mixed, with downside momentum easing while demand remains low. The Relative Strength Index (RSI) is at 37, recovering from the oversold zone, and the Moving Average Convergence Divergence (MACD) rises above its signal line, hinting more at consolidation than a decisive recovery.
The $0.0700 support level remains crucial for PI, guarding against a new record low and potentially targeting the 161.8% Fibonacci extension level at $0.0368. Initial resistance is seen at the 127.2% extension level, measured from $0.11998 to $0.1183, at $0.0961.