The price of Pi Network (PI) IOU has taken a sharp downturn, dropping 42% in the past 24 hours, as growing doubts about its upcoming mainnet launch on February 20 weigh on investor sentiment.
The steep decline reflects mounting skepticism surrounding the altcoin, particularly amid persistent rumors that Pi Network operates as a pyramid scheme.
These concerns have made it increasingly difficult for the token to gain traction, with many investors remaining uncertain about its long-term viability.
Bearish Sentiment Intensifies
Technical indicators suggest that bearish momentum is accelerating for Pi Network (PI) IOU. The Relative Strength Index (RSI), which briefly entered overbought territory, has now seen a sharp reversal, indicating growing selling pressure.
While the RSI remains above the neutral 50.0 level, the sudden downtick highlights the market’s hesitation. Historically, when assets enter overbought zones and then drop, further declines often follow.
Adding to concerns, the Chaikin Money Flow (CMF) indicator, which measures capital inflows and outflows, has been trending downward since the start of the month.
