Flash
February 19, 2025 9:53 PM
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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