In the past few days, the price of $PI experienced a roller coaster-like wild fluctuation: from a short-term surge of $1.57 to the current $0.69, with a market value evaporating by $3.7 billion in three days. This is not an ordinary correction; it is a collapse of confidence after a high-energy release.
Why did it crash? Speculation retreat + main players dumping:
Pi released two major pieces of news during the consensus conference:
Central node closed
Invested $100 million to establish the Pi Network Ventures fund
It indeed triggered a short-term emotional peak in the market, but then the trading volume plummeted by 73%, and the price dropped sharply, indicating that the bulls did not truly hold their ground, and the main players may have quickly offloaded their positions taking advantage of the good news.
What does the technical analysis say?
The moving average system is under pressure across the board, with the 20-day, 50-day, 100-day, and 200-day all reversing to resistance levels.
MACD has started to form a death cross, and RSI has fallen to 42, indicating that market momentum is neutral to bearish.
OBV has decreased by more than 12%, indicating insufficient confidence in net holdings.
The most critical point is: Pi's current price has fallen below all short-term support levels and is testing the life-and-death line at $0.59. If it breaks this level, it could plunge straight to $0.45!
On-chain observations are also not optimistic:
The top 100 wallets, which originally controlled over 98% of the coin amount, suddenly dropped to less than 5%. This is not the rise of retail investors but rather internal funds possibly cashing out at high levels.
This is not healthy diversification, but rather a classic script of main player harvesting.
#pi #ADA #PEPE #xrp #TRUMP $BTC $TRUMP $ETH
