Crypto
Pi Network Tumbles as Crypto Market Sentiment Hits New Lows
The Pi Network token is experiencing a downturn in price as it continues to trade below its record low of $0.0700.
The decline follows a 7% drop in price on Monday and further selling pressure as the broader crypto market sentiment worsens, led by $531 million in long liquidation according to CoinGlass data.
The correlation between the Pi Network token and broader crypto market sentiment is evident, with the Fear and Greed Index dropping to 34 from 39 over the weekend.
A technical analysis of the PI/USDT daily price chart reveals a falling channel pattern that has been in place for three months, with support at $0.0700 and potential targets below this level.