Pi Coin (PI) Aims to Break Through $0.10…Futures Open Interest Nears $10 Million

▲ Pi Network/Source: X ©

Pi Coin is aiming to break through $0.10 after successfully closing higher for two consecutive weeks. With Pi Coin (PI) futures open interest nearing $10 million and position building continuing, key technical indicators also point to an improvement in upward momentum, drawing attention to whether the $0.1051 resistance line will be breached.

According to investment specialized media FXStreet on September 15 (local time), Pi Coin saw a slight decline on the day but maintained a moderate upward trend above the 50-day Exponential Moving Average (EMA) of $0.0947. Even after two consecutive weekly closes higher, it is trading below $0.10, while demand from individual investors remains solid. The market is also watching the scheduled cloture vote on the U.S. cryptocurrency market structure bill, the CLARITY Act, today.

According to CoinAnk data, PI futures open interest increased to $9.89 million from $8.98 million last Friday. An increase in open interest means that the notional value of existing futures contracts has grown or new positions are being established. In the case of Pi Coin, this trend suggests that investors are cautiously returning to risk-on positions, the media analyzed.

Technically, PI is trading around $0.0970 today, above its 50-day EMA of $0.0947. It is also maintaining the 50% Fibonacci retracement level around $0.0971, based on the decline from $0.1341 to $0.0704, continuing a short-term recovery trend. However, the 100-day EMA at $0.1051 stands as an immediate key resistance.

If PI definitively breaks above $0.1051, the 78.6% Fibonacci retracement level of $0.1168 is presented as the next target. After that, there could be room for an ascent to the previous high of $0.1341. The daily Relative Strength Index (RSI) was around 59, staying above the neutral line and indicating steady upward pressure. The Moving Average Convergence Divergence (MACD) and signal line also showed an upward slope slightly above the zero line, suggesting a gradual improvement in momentum.

Conversely, if selling pressure increases, the 50-day EMA of $0.0947 is the first support level. If this price level breaks, the support level will drop to the 23.6% Fibonacci retracement level of $0.0819, and then to $0.0704. Ultimately, the key observation point to confirm whether the increase in futures open interest and improvement in technical indicators will lead to an actual price breakthrough is whether it can surpass $0.10 and break through the $0.1051 resistance line.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*