Pi Network: Will mainnet KYC upgrades save PI crypto from drop to $0.076?

Pi Network [PI] was down 2.35% in 24 hours.

Since last Tuesday, the 15th of September, the altcoin has been laboring under a bearish short-term trend. It managed to bounce to $0.0948 by the 22nd of September, but has fallen 9.37% in the three days since.

In other news, the Pi Network team released technical updates related to KYC and mainnet migration processes. They address specific KYC application corner cases, improve verification processes, and expand device eligibility for liveness checks, among other things.

PI crypto stuck within a bearish long-term structure

On the 1-day timeframe, the prevalent swing structure (white) was bearish. Within this structure, PI crypto formerly appeared to form a higher low at $0.0844 (green) in August, and pushed higher to $0.1108.

This push was brief and faltered almost immediately. Moreover, the price failed to close a daily candle above the $0.10 psychological zone and local supply.

These factors indicated weakness from buyers, a view vindicated when PI crypto slipped below the $0.0844 local support. This move flipped the internal structure bearishly.

The OBV has been relatively flat over the past two months, when Pi Network token oscillated about the $0.08-$0.10 area. The Awesome Oscillator also remained muted in recent weeks, but took a bearish turn a week ago.