Pi Network Plummets 15%—Technical Charts Warn of More Pain Ahead

Another week, another crypto bloodbath—Pi Network joins the party with a brutal 15% haircut. Chart-watchers see no lifeline in sight as key support levels crumble.

Here’s the ugly truth: When ’mainnet hype’ meets bearish divergences, even the most devout Pi miners start sweating. The RSI’s screaming ’oversold,’ but in crypto-land, that just means ’not oversold enough’ for the algos.

Funny how these ’next Bitcoin’ projects always crash harder than a Lehman Brothers intern on margarita Monday. Maybe those ’free’ tokens weren’t so free after all.

Momentum indicators support the bearish view. The moving average convergence divergence is still negative and below the signal line, suggesting that the downward trend might continue. Furthermore, the awesome oscillator, which gauges market momentum by looking at recent price movements, is in the red, indicating that the downside pressure is still present.

At 43.6, just below neutral territory, the relative strength index shows a weak level of bullish conviction. Meanwhile, the stochastic RSI sits near 2.77, deeply oversold, yet without any reversal signal, this alone does not justify a long position.

The average directional index is currently at 29.9, just below the crucial 30 level. The ADX shows the strength of the trend but not its direction. In this case, it suggests that although the downtrend is still quite strong, it might be nearing its end. 

A persistent breach above the $0.75–$0.78 range may cause sentiment to change. If not, $0.60 and $0.50 are the next significant support zones. The path of least resistance is still downward as more tokens come into circulation and the demand fails to keep up supply. 

Pi Network is attempting to create long-term value despite these short-term risks. The recently launched $100 million Pi Network Ventures fund is focused on projects with real-world applications in e-commerce, fintech, gaming, and artificial intelligence. However, until fundamentals translate into increased demand, the technicals remain weak.