Pi Network's Price Plummets Over 10% Amid Profit-Taking and Token Unlocks
Pi Network's native cryptocurrency, Pi (PI), took a significant hit over the past 24 hours, plummeting more than 10% in value. This decline comes just days after PI gained 11% following the v25 protocol upgrade.
The increased trading volume of about 35% is an indicator that traders are still active, but the divergence from Bitcoin's (BTC) trading volume suggests strong coin-specific selling pressure on PI.
A bearish market structure and profit-taking contributed to the sell-off, with the token's daily and hourly structures turning negative. The breakdown below the ascending trendline formed from its all-time low has left bears in control.
The Moving Average Convergence Divergence (MACD) showed strengthening bearish momentum, while the Relative Strength Index (RSI) fell to 18, placing PI deep inside oversold territory. However, this could signal seller exhaustion and create room for a short-term reversal.