#CryptoTrading.

Pi Network breaks support.

Pi Network (PI) has now dropped over 40% from its weekly peak of $1.57 and is more than 71% below its all-time high of $2.99, which was reached in late February. The latest drop came despite what to be a major development.

On May 14, the Pi Foundation announced a $100 million venture fund aimed at supporting startups in areas like AI, gaming, fintech, and e-commerce. The initiative hopes to boost real-world use of the Pi ecosystem, but the market reaction was negative.

Many traders had anticipated a major exchange listing, which would have brought significant liquidity and price discovery. The news likely triggered a “sell the news” response from the market because there was no listing in sight.

Looking at the technical picture, PI is still has breached the $0.89 support level, which was acting as a crucial floor in the recent decline. At about 54, the relative strength index indicates neutral momentum.