Pi Network (PI) IOU has plummeted 42% in the past 24 hours as skepticism mounts over its February 20 mainnet launch. Concerns that Pi Network may be a pyramid scheme have fueled bearish sentiment, causing increased sell-offs.
Also Read: Pi Network Confirms Open Mainnet Launch Date
Technical indicators suggest worsening trends, with the Relative Strength Index (RSI) reversing from overbought territory and the Chaikin Money Flow (CMF) showing persistent outflows. PI IOU currently trades at $72, with key support at $63. A break below could push prices to $47, while a rebound may test the $130 resistance level.
