Pi Network's price has taken a significant hit, plunging 42% in just 24 hours as the highly anticipated mainnet launch on February 20 raises more questions than answers. Investor skepticism is growing, with increasing concerns that Pi might be a pyramid scheme, driving more selling pressure.
Key technical indicators are flashing warning signs:
- RSI has dropped sharply, signaling a bearish trend.
- Chaikin Money Flow (CMF) remains in negative territory, pointing to weak buying interest.
The $63 support level is crucial; if it fails to hold, Pi Network could fall to $47. A recovery is only possible if it manages to reclaim $130, but with investor confidence at a low, the road ahead looks uncertain.
Stay cautious and informed, as the situation develo