Recently, the Pi Network has faced some challenges, especially in chart performance. We see that the project is falling into a downward channel, particularly after crossing the 50-day moving average, which has made this trend more pronounced. At this stage, the volume of Pi coins shows some stagnation, which usually indicates a decrease in trader activity. Unexpectedly, in the past 24 hours, the Wallet balances on centralized exchanges (CEXs) have flowed out 2.88 million PI coins, which suggests that traders may have confidence in potential future holdings.

The price of this token fell by another 3% this Monday, continuing the 8% decline that began on Sunday. This drop reflects a cooling of trading activity; nonetheless, the outflow from Wallets of centralized exchanges seems to indicate some shift in market confidence. Perhaps traders are preparing for future price movements, even though the volume has seemingly stagnated between $50 million and $100 million per day since mid-August.

In this channel, the Pi coin's brief rebound reached a high of $0.4000 last Saturday, but then experienced a price drop on Sunday and Monday. Currently, it seems that the price is approaching the historical low of $0.3220 set on August 1 of this year, while sellers in the market are eyeing the important psychological barrier of $0.3000.

This downtrend is also reflected in the momentum indicators. For example, the Relative Strength Index (RSI) has dropped to 43, below the midpoint, indicating a gradual shift towards bearish sentiment in the market. At the same time, the Moving Average Convergence Divergence (MACD) indicator is approaching the signal line, pointing to a potential crossover, which is usually seen as a sell signal, particularly for investors holding coins in anticipation.

Looking at it from a positive perspective, if Pi can return to the trajectory of the 50-day Exponential Moving Average (EMA), which is currently close to the upper boundary of the descending channel, then it is expected to rise back to the psychological level of $0.5000. This offers a glimmer of hope for this coin, but whether it can successfully break through still requires further observation of the market trends. Have you been paying attention to the market dynamics of Pi Network? Or do you have other relevant experiences? Looking forward to your thoughts in the comments below!