PI has lost more than 15% since September 15 and the chart is starting to show why the move is struggling to recover.

What caught my attention is not just the drop from $0.10 to around $0.083.

It is the fact that $0.10 has repeatedly rejected the price since July.

That level has become more than a psychological number. It is acting as a supply zone where buyers have not been able to create a convincing breakout.

The bigger structure also remains weak.

PI has been trading inside a much larger bearish swing structure between roughly $0.1395 and $0.07 since June 2025. So the recent decline is not happening in isolation. It is taking place inside an established downtrend.

The 4 hour chart adds another warning.

PI broke below the previous $0.0844 low which shifted the short term structure back toward sellers. That leaves the current area vulnerable if buyers cannot quickly reclaim it.

There is still room for a bounce.

The Fibonacci levels point toward roughly $0.0918 as an area where PI could recover before facing another serious test.

But this is where I would be careful with the word recovery.

A bounce toward $0.0918 does not automatically change the trend.

For me the first level that really matters is $0.0844. Reclaiming it would at least repair the broken short term structure.

Then comes $0.0918.

And above everything sits $0.0986 to $0.10.

Until PI can break that supply area and actually hold above it I would treat rallies as reactions inside the larger downtrend rather than a confirmed reversal.

The interesting part now is whether buyers defend the current area or sellers push PI toward the lower end of its larger range.

$0.07 remains the major downside reference from the higher timeframe structure.