On February 19, 2025, the price of Pi Network experienced a significant drop, plunging 42% in the last 24 hours.
The drop comes amid growing skepticism about the altcoin's mainnet launch scheduled for February 20, 2025, tomorrow.
Investors are growing increasingly concerned, especially with rumors circulating that Pi Network is a pyramid scheme, which is making it difficult for the token to gain traction.
As the launch date approaches, skepticism is growing, and many investors are doubtful about the viability of the project.
As reported by BeInCrypto (2/19/25), the Relative Strength Index (RSI) indicator for Pi Network recently exceeded the overbought zone, but experienced a sharp decline in the last 24 hours.
Historically, tokens that enter this zone often experience a reversal, as seen with PI IOU (I owe you).
Although the RSI is still above the neutral line at 50.0, overall bearish momentum seems to be building. As the price continues to fluctuate, the RSI movement suggests that negative sentiment towards the token could lead to further declines.
In addition to the RSI movement, investor confidence levels also remain low. The sharp decline in PI prices reflects market hesitation, with many waiting for clearer signs before making any major moves.
With skepticism surrounding the mainnet launch, the altcoin is facing increasing selling pressure. This market distrust has contributed to the overall price decline and further exacerbated fears of a prolonged downturn.
Furthermore, the Chaikin Money Flow (CMF) indicator, which measures the amount of money moving in or out of an asset, has been trending lower since the beginning of the month. Despite some occasional upticks, the CMF has failed to hold the zero line as a support level.
This trend shows that outflows are currently dominating inflows, indicating a lack of confidence among investors. This situation often hurts the token’s price performance, as it indicates a lack of buying interest.
With the CMF continuing to decline and market sentiment showing signs of weakness, Pi Network price could continue to struggle in the short term. The overwhelming selling pressure coupled with investor skepticism is limiting Pi Network’s ability to surge.
For there to be sustained upward momentum, the market needs stronger support and assurance from investors, which currently appears to be in short supply.
The PI coin price is currently at $72, after experiencing a sharp drop of 42% in just 24 hours. This drastic drop occurred after the altcoin failed to break and maintain the $130 level as a support base.
With growing concerns regarding the upcoming mainnet launch, PI price is expected to continue to come under downward pressure. The current price level may not be sustainable, and bearish sentiment may worsen PI’s losses.
Although PI coin is still holding above the $63 support, the altcoin remains vulnerable to further declines.
If this support level is lost, the PI price could fall towards $47, which would cause significant losses for investors who have been holding the coin for the past few weeks. PI’s potential recovery depends largely on its ability to hold this key support level.
On the other hand, if PI coin manages to bounce off the $63 support, it could try to break through the $130 resistance level again. If it manages to flip $130 into support, then the bearish view will be refuted and pave the way for a more significant recovery.
However, the market remains uncertain, and without any change in investor sentiment, this outcome remains uncertain.
