The price of Pi Network (PI) IOU has experienced a dramatic decline, falling by 42% in just 24 hours following growing concerns about the upcoming main net launch on February 20.
The drop in Pi Network’s price highlights the increasing scepticism surrounding the project. Persistent rumours question whether Pi Network operates as a pyramid scheme, casting doubts on its long-term viability and making it harder for the token to gain traction in the market.
Technical indicators suggest that Pi Network’s bearish momentum is accelerating. The Relative Strength Index (RSI), which briefly entered the overbought territory, has now seen a sharp reversal, signalling growing selling pressure. Although the RSI remains above the neutral 50.0 level, the recent downturn points to market hesitation, which often precedes further declines after assets drop from overbought zones.
Adding to the bearish outlook, the Chaikin Money Flow (CMF) indicator, which tracks capital inflows and outflows, has been downward since the start of the month. Despite short-term recoveries, the CMF has struggled to maintain positive momentum, suggesting outflows continue to outpace inflows.
These indicators reflect investor uncertainty and suggest that the token could face significant challenges in regaining its value unless sentiment shifts.
Price Outlook for Pi Network (PI) IOU
Currently, PI IOU is trading at $72 after failing to establish $130 as a key support level, which led to a sharp selloff. As selling pressure mounts, analysts warn that the price could face additional downward pressure if confidence in the project does not improve.
The next major support level is at $63. If the price drops below this level, it could fall to $47, deepening investors’ losses. On the other hand, if Pi Network manages to hold above $63 and rebound, there may be another attempt to break the $130 resistance level.
A successful push above $130, turning it into support, would challenge the current bearish outlook and open the door for potential recovery. However, such a scenario remains uncertain without a significant shift in investor confidence.
With the main net launch on February 20, market observers will closely monitor for signs of stability and stronger buy-side support. Until then, volatility and downside risk remain high, leaving Pi Network’s price trajectory uncertain.
