Pi Network Faces Sharp Decline Amid Controversy – Key Support & Resistance Levels for Traders$ETH

The Pi Network recently witnessed a drastic price drop, plunging from $1.84 to below $1 within just six hours—marking a dramatic decline of over 100%. This sharp fall comes after Bybit CEO Ben Zhou publicly criticized the project, labeling it a scam and firmly stating that Bybit would not support or list it. His remarks have intensified concerns within the crypto community, leading to increased market volatility.$BNB

Technical Analysis & Entry Strategy

Pi Network's price action now faces critical support and resistance levels that traders should closely monitor. The major support level is positioned near $0.85, a crucial zone where buyers may step in to stabilize the price. On the upside, resistance is expected around $1.20, where selling pressure could emerge.$SOL

For those considering short-term trades, a potential entry point for longs is $0.88 - $0.92, with a stop-loss at $0.80 to mitigate risks. Meanwhile, short positions could be initiated at $1.10 - $1.15, with a stop-loss at $1.25 to protect against unexpected reversals.

Long-Term Perspective

In the long run, Pi Network's viability remains uncertain, especially with major exchanges distancing themselves from the project. If the price fails to regain stability above $1.00, it could continue its downtrend toward $0.70 - $0.75. Conversely, if bullish momentum strengthens and it breaks past $1.20, a potential recovery toward $1.50 could be in play.

Given the ongoing controversy, traders are advised to approach with caution, using tight risk management strategies. The market reaction to such statements highlights the influence of major industry leaders on price movements, making it essential to stay updated on developments.

#SECStaking #VIRTUALWhale #LitecoinETF #BybitSecurityBreach #BinanceAlphaAlert