Pi Network (PI) Price Analysis: Bears Maintain Control as Market Tests Lower Boundaries [October Update]

Pi Network (PI) has remained under consistent selling pressure through September, extending its broader downtrend into early October. The token, trading at $0.259 at press time, has struggled to reclaim key resistance levels, with sellers continuing to dominate price action.

Since early September, PI has experienced two sharp downward legs, each wiping more than 20% of value. The first slide, beginning in the first week of the month, drove the asset from above $0.34 down toward the $0.26 region. This was followed by another steep correction in late September, which pushed the token further into the lower boundary of its descending channel.

From a technical perspective, PI remains trapped inside a well-defined downward channel that has governed price action since mid-summer. The rejection from the 50-day exponential moving average (EMA) near $0.33 in mid-September reaffirmed bearish sentiment, with subsequent candles closing decisively below both the 20-day EMA ($0.29) and 50-day EMA. These moving averages now serve as dynamic resistance points, capping any short-term recovery attempts.

Momentum indicators also paint a challenging picture. Persistent lower highs and lower lows reinforce the bearish structure, with trading volumes tapering off during minor rebounds — a signal that buying conviction remains weak. Unless bulls stage a significant push above the $0.29–$0.33 zone, downside pressure is likely to persist.

Bullish Scenario

For bulls, the immediate challenge is reclaiming the $0.29 resistance, which coincides with the 20-day EMA. A breakout above this threshold could pave the way for a retest of the $0.33–$0.34 zone, where the 50-day EMA and upper channel resistance converge. A decisive close above this cluster would indicate a potential trend reversal, opening the door for targets around $0.41 (200-day EMA). However, such a recovery would require renewed buying interest and broader market support.

Bearish Scenario

On the downside, failure to hold current support near $0.25 risks accelerating losses toward $0.23, the next visible support zone within the channel. A sustained break below this area could expose PI to further downside, potentially extending toward $0.20 in the coming weeks. The bearish bias remains strong as long as the token continues trading beneath its short-term moving averages.

Conclusion

Pi Network enters October under heavy bearish pressure, with sentiment tilted firmly against the bulls. The inability to break above key resistance levels has left the token vulnerable to further declines, though short-term rebounds remain possible if bulls can defend the $0.25 floor. Traders will be closely watching whether PI can stage a recovery above $0.29, or if selling momentum will drag the asset toward fresh lows.