Pi Network [PI] Price Plummets Amidst Bearish Trend

Pi Network's [PI] price has been experiencing a bearish trend in recent days. Since last Tuesday, September 15th, the altcoin has been laboring under a bearish short-term trend, with a price drop of 2.35% in 24 hours. In an attempt to turn things around, the Pi Network team released technical updates related to KYC and mainnet migration processes.

The updates address specific KYC application corner cases, improve verification processes, and expand device eligibility for liveness checks. However, despite these efforts, PI crypto remains stuck within a bearish long-term structure. On the 1-day timeframe, the prevalent swing structure is bearish, with a failed attempt to close a daily candle above the $0.10 psychological zone.

The OBV has been relatively flat over the past two months, while the Awesome Oscillator took a bearish turn a week ago. This suggests that buyers have lost momentum, and further price decline is likely. On the 4-hour timeframe, the internal structure shift on the daily appeared as a swing structure shift, with a bearish reaction from the 78.6% Fibonacci retracement level at $0.0984.