Pi Network Price Faces Downward Pressure Amid Weak Market Momentum

Pi Network (PI) is teetering on the edge of a breakdown as bearish indicators dominate its price action. The token has been confined to a horizontal channel, with support at $0.2565 and resistance at $0.2917. A drop below this support level could signal further declines, particularly amid weakening market momentum.

The Average True Range (ATR) for Pi has been trending downward since September 23, currently sitting at 0.0234. This suggests narrowing price fluctuations and dwindling trader participation. With PI trading below its 20-day Exponential Moving Average (EMA) at $0.3185, sellers remain firmly in control.

Market sentiment across the broader cryptocurrency space appears fragile, adding to PI's downside risks. Without fresh capital inflows or a shift in momentum, the token may soon retest its recent lows.