Pi Network's IOU Price Drops 42% as Mainnet Launch Approaches

In Brief:

PI Network's IOU price plunged 42% in 24 hours, signaling investor uncertainty ahead of its February 20 mainnet launch.

Technical indicators show increasing bearish momentum, with PI at risk of further declines if support levels break.

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Pi Network’s highly anticipated mainnet launch is facing growing skepticism, leading to a sharp selloff in its IOU price. Investors are increasingly cautious, with rumors labeling the project as a potential pyramid scheme, making it difficult to gain traction in the broader crypto market.

Technical indicators suggest bearish pressure is mounting, with Chaikin Money Flow (CMF) declining and Relative Strength Index (RSI) slipping from the overbought zone. Currently, PI is holding above the $63 support level, but if it breaks down, analysts warn of a possible drop to $47.

To reverse the downtrend, PI must regain $130 as a key support level, but weak investor sentiment suggests a continued struggle for recovery.

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