Pi Network Price Prediction: PI long positions under pressure, can the key 0.35 USD support hold and break the downtrend channel?

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.