Pi Network (PI) Faces Key Support Test as Price Struggles Around $0.34: September Analysis

Pi Network (PI) continues to face downward pressure in early September, with the token trading near the $0.34 mark after shedding about 7.6% in the last 7 days, per Coingecko data. Price action since mid-August has remained firmly within a descending channel, raising concerns about further weakness while also leaving room for potential recovery if bulls step in.

From a technical standpoint, PI has struggled to break above the short-term resistance posed by the 20-day Exponential Moving Average (EMA) at $0.36, while the 50-day EMA at $0.39 and the 200-day EMA at $0.49 remain significantly higher, reinforcing the prevailing bearish market structure. The lack of strong trading volume further highlights the absence of decisive buying interest, keeping the market subdued.

Bullish Outlook

For bulls, the key level to defend is the current $0.34 support zone, an area that has acted as strong support since the beginning of August. If this level holds, a short-term rebound could unfold, starting with a push above the 20-day EMA. Such a move would set the stage for a potential test of the 50-day EMA at $0.39, with further upside opening toward the $0.45–$0.50 range, where the 200-day EMA sits. A break above this level could signal a medium-term trend reversal, especially if accompanied by stronger momentum indicators.

Bearish Outlook

On the downside, a failure to maintain support at $0.34 could expose PI to further declines toward the $0.31–$0.30 range, aligning with the lower boundary of the descending channel. Should bearish sentiment intensify, deeper losses could follow, pushing the token toward the $0.28–$0.25 zone, marking fresh multi-month lows. Repeated rejection at the 20-day EMA would keep this bearish scenario in play and may prolong the ongoing downtrend.

Key Levels to Watch

• Support: $0.34, followed by $0.31 and $0.28–$0.25
• Resistance: $0.36 (20-day EMA), $0.39 (50-day EMA), $0.49 (200-day EMA)

Market Context

PI’s inability to gain traction above its short-term averages reflects broader market hesitation, as sentiment remains cautious. While the descending channel limits upside momentum, traders and investors will be closely monitoring whether the $0.34 support zone holds in the coming days.

PI is at a critical juncture. Holding the $0.34 support could provide a springboard for a short-term recovery as the price sits near a breakout level, but a breakdown below it may reinforce bearish dominance and open the path to new lows.