What caught my attention with PI is not the latest 2% daily decline.

It is how the rejection from $0.10 has changed the short term structure.

PI bounced toward $0.0948 on September 22 but then lost around 9.4% over the next three days. That move pushed price back below the $0.09 area and kept the larger bearish structure intact.

The $0.10 level remains the biggest problem.

PI previously pushed toward $0.1108 but failed to establish a daily close above $0.10. That rejection showed that buyers were still struggling to absorb the supply around the psychological level.

Then came another important break.

The $0.0844 support that formed during the August recovery was eventually lost. That shifted the internal structure back toward sellers.

The 4 hour chart makes the situation even clearer.

After the bearish structure shift PI bounced almost exactly toward the 78.6% Fibonacci retracement around $0.0984.

Instead of breaking higher the price was rejected from that level.

For me that is an important detail because the bounce gave buyers another chance to reclaim the previous structure and they failed.

There is also the network side of the story.

Pi Network recently released technical updates around KYC and mainnet migration. The changes address specific KYC application cases and expand device eligibility for liveness checks.

Those improvements can reduce friction for users.

But technical improvements do not automatically change the token chart.

Right now price is still dealing with a clear supply zone around $0.10.

The next level I would watch below is $0.07595.

That is the 23.6% extension and sits close to the $0.076 area.

Below that comes the July low around $0.0703.

That level is more important because losing it would extend the higher timeframe bearish structure.

I would also keep an eye on OBV.

It has remained relatively flat while PI moved around the $0.08 to $0.10 range. The Awesome Oscillator has also turned weaker recently.

So for me the question is not whether the KYC updates are positive for the network.

They can be.

The question is whether buyers can translate that improvement into actual demand for PI.

Until PI reclaims $0.0844 and eventually proves itself above $0.10 I would treat rallies as recovery attempts inside the larger bearish structure.

For now $0.076 is the level I am watching next.

And below that $0.0703 becomes