The highly anticipated mainnet launch of Pi Network has experienced an unexpected twist, with the PI token facing a significant price crash following its debut on major exchanges. After a promising start, PI token saw its value plummet from a high of $35 to around $1.59, representing a nearly 100% decline in a short span. This drastic price movement raised questions about the stability and long-term viability of the token in the cryptocurrency market.
A Sudden Drop Following Exchange Listings
The sharp sell-off began shortly after PI was listed on exchanges like OKX and Bitget, with initial excitement quickly turning to a price collapse. Just hours before the listings, PI was trading at approximately $35, but as early investors took profits, a massive influx of selling pressure brought the price down to about $1.59. The token's valuation now faces scrutiny as it trades at around $1.70 with a trading volume of $10.63 million, according to CoinMarketCap data.
Technical Breakdown and Market Sentiment
An analysis of the 4-hour PI/USDT chart on BitMart reveals a steep decline, confirming the rapid sell-off. Early investors and miners appear to be driving the sharp downturn, causing heightened volatility. The Relative Strength Index (RSI), which currently stands at a low of 20.63, indicates that the PI token is heavily oversold. This could signal a potential short-term rebound if buying pressure begins to emerge, but caution remains paramount in the volatile market.
Despite the recent crash, the oversold conditions could present an opportunity for those looking for a potential short-term reversal. However, investors should carefully monitor the token's movements, as concerns about its long-term stability remain prevalent.
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