PI struggles with a falling channel pattern breakout:

Pi Network’s short-lived recovery run in the last week peaked at $0.4000 round figure on Saturday. The PI token reversed by 8% on Sunday, further extending the downtrend by 3% so far on Monday.

The downtrend inches closer to its all-time low of $0.3220, set on August 1, with bears targeting the $0.3000 round figure.

Adding to the bearish outlook, the momentum indicators suggest increased selling pressure on the daily chart. The Relative Strength Index (RSI) at 43 drops below the halfway line, indicating a steady rise in bearishness.

Additionally, the Moving Average Convergence Divergence (MACD) inches closer to its signal line as bullish momentum declines, hinting at a potential crossover. A crossover would signal a selling opportunity for sidelined investors.

Looking up, Pi Network should reclaim the 50-day Exponential Moving Average (EMA) at $0.4047, which is moving closely with the falling channel pattern’s overhead trendline. If so, the uptrend could target the $0.5000 psychological level.
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