The PI Network’s native token PI remains trapped in the lateral trend after slipping into a fresh low of $0.1842 on September 22nd.
Since then, the cryptocurrency has vibrated within a horizontal channel and found support at $0.2565 while facing resistance at $0.2917. With clouds hanging across the wider market, PI risks lower prices.
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Weak momentum exposes PI to pressure
The PI’s decline average true range (ATR) reflects a weaker momentum among participants in the spot market. Measurements on the PI/USD one-day chart show that this indicator has been steadily moving downwards since the sideway trend began on September 23rd and reached 0.0234 at press.
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The ATR measures the degree of price transfer over a specific period. This downward direction usually indicates a narrower price fluctuation and weaker overall momentum.
This decline highlights the lack of declining traders’ participation in the spot market and new capital inflows into tokens, suggesting the possibility that support could be $0.2565 in the near term.
Additionally, PI has firmly traded its 20-day index moving average (EMA) to confirm this bearish outlook. At pressing, this important moving average forms a dynamic resistance that exceeds the price of the Pi by $0.3185.
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The 20-day EMA measures the average price of assets over the last 20 days, giving more weight to recent prices. When the price falls on, the seller is controlled and the market momentum is distorted by the negative side.
This indicates that PIs struggle to attract upward momentum and may face fresh downside pressure if they expand their sideways or fail to improve sentiment.
The negative side risk continues to increase
As trading momentum weakens, PI price actions appear to be increasingly vulnerable to another breakdown. It can be reconsidered the $0.2565 support floor and reconsidered the all-time low.
Conversely, if emotions improve, the PI may try to infringe resistance for $0.2919. Breakouts above this level could mark the start of a recovery attempt and push the price of the Pi beyond the 20-day em
