Pi Network (PI) IOU has experienced a sharp 42% drop in value within the past 24 hours, reflecting growing concerns over its upcoming mainnet launch on February 20. Investor sentiment remains shaky as doubts about the project’s legitimacy and long-term prospects persist.
Skepticism surrounding Pi Network’s model has fueled uncertainty, with many questioning whether it operates as a pyramid scheme. This ongoing debate has made it difficult for the token to gain stability, further deterring potential investors.
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Technical indicators point to intensified bearish momentum. The Relative Strength Index (RSI) recently reversed from overbought levels, signaling increased selling pressure. Meanwhile, the Chaikin Money Flow (CMF) indicator continues to trend downward, suggesting that outflows are surpassing inflows.
PI IOU is currently trading at $72 after failing to maintain $130 as a support level. Analysts warn that a further decline below $63 could push the price down to $47. However, if the price holds above $63 and rebounds, it may attempt to reclaim the $130 resistance level.
As the mainnet launch nears, the market remains highly volatile. A successful recovery will depend on renewed investor confidence, but for now, risks of further downside persist.
