On September 17, the Pi Network (PI) price remained stable above $0.3500, but the rebound momentum after the channel breakout is clearly hindered. With the Federal Reserve FOMC meeting scheduled for Wednesday, market sentiment is neutral and cautious, and PI is at a critical crossroads in its technical trend – will it continue to rise or return to a downtrend?
Macro and Market Sentiment: A Strong Wait-and-See Atmosphere
(Source: CoinMarketCap)
Fear and Greed Index: 50 (Neutral)
Macro Background: The market expects the Federal Reserve to cut interest rates by 25 basis points.
Impact: Investors adopt a wait-and-see strategy, overall trading volume is low, which limits the upward momentum of PI in the short term.
Technical Key Level: 50 Day EMA as Resistance Wall
(Source: Trading View)
Intraday trend: PI has fallen from the high point of 0.3643 USD, down nearly 1%.
Resistance Position:
50 Day EMA: $0.3805 (has repeatedly become a reversal pressure since May 21)
If it breaks through and closes above, the target will point to $0.4437 (R1 resistance level)
Support Level:
Primary support: $0.3500 (breakdown of descending channel trendline)
If it loses support, it may test $0.3220 (the low on August 1st)
Further downward probe: S1 0.2996 USD, S2 0.2387 USD
Technical Indicators: Bulls Still Hold Some Control
RSI (Relative Strength Index): 48 (Neutral, Sideways)
MACD (Moving Average Convergence/Divergence):
The main line and the signal line maintain an upward trend.
The continuous green histogram shows that bullish momentum is stable.
Market Outlook: Key Scenario Analysis
Bullish Scenario:
Hold above 0.35 and break through 0.3805 (50-day EMA)
Short-term target: 0.4437 USD (R1 resistance)
Bearish Scenario:
Drops below 0.35 USD, triggering selling pressure
Drop to 0.3220 USD, even S1 0.2996 USD, S2 0.2387 USD
Conclusion
The current price trend of Pi Network is at a critical point. Short-term traders need to closely monitor the defense and offense situation at the support of 0.35 USD and the resistance of 0.3805 USD. If a breakthrough occurs after the Federal Reserve's interest rate decision, PI is expected to resume its upward trend; conversely, losing the support may trigger a new round of correction.
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