Pi Network's mainnet unexpectedly experienced a 42% crash, investor confidence collapses!
The price of Pi Network (PI) IOU was severely hit before the upcoming mainnet launch, plunging 42% within 24 hours. This drop is primarily due to widespread skepticism in the market regarding its mainnet release and concerns about its possible involvement in pyramid schemes.
**Market Sentiment and Indicator Analysis:**
- The Relative Strength Index (RSI) indicates that PI's bearish momentum is strengthening, although the RSI remains above the neutral line of 50, the downward trend is evident.
- The Chaikin Money Flow (CMF) indicator has been continuously declining since the beginning of this month, indicating that the outflow of funds far exceeds the inflow, reflecting a serious lack of investor confidence.
**Price Prediction and Support Levels:**
- The current price of PI is $72; if it breaks below the support level of $63, it may further drop to $47.
- If it can rebound from the support level of $63, PI is expected to challenge the resistance level of $130, but the uncertainty of market sentiment makes this scenario difficult to achieve.
**Conclusion:**
The future trend of Pi Network is filled with uncertainty, and the skeptical attitude of investors along with market sell-off pressure may continue to suppress its price. Unless there is strong market support and a restoration of confidence, PI's path to recovery will be exceptionally difficult.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
