PI Network Plunges 25%—Is This the Start of Another Crypto Winter?
PI Network’s token just got mauled by bears—a brutal 25% drop in 24 hours has traders bracing for more pain. The ’next Bitcoin’ narrative? Looking shakier than a DeFi protocol’s security audit.
Blood in the streets—or just weak hands folding? The usual crypto circus continues as retail investors panic-sell while whales circle for bargains. Remember when ’fundamentals’ mattered? Neither do we.
This isn’t PI’s first rodeo. The project survived radio silence from developers before—but with mining rewards shrinking and mainnet still feeling like vaporware, even true believers are sweating. That ’organic growth’ they tout? Currently growing faster in the red than their user base.
Meanwhile in traditional finance: Goldman Sachs executives are ’accidentally’ buying the dip while telling pension funds crypto’s too risky. Some things never change.
PI’s Rally at Risk Amid Growing Bearish Control
The PI/USD one-day chart readings suggest that this decline may not be overAs of this writing, PI’s price is on the verge of dipping below its 20-day Exponential Moving Average (EMA), an indicator of a sustained bearish trend.
The 20-day EMA measures an asset’s average price over the past 20 trading days, weighting recent prices. When an asset’s price is poised to break below this key moving average, it signals weakening short-term momentum and a potential shift to a bearish trend.
For PI, a break below its 20-day EMA could undermine its recent bullish climb between May 8 and May 13, and open the door for deeper price corrections.
Moreover, PI’s Balance of Power (BoP) is currently negative, highlighting the selloff trend among market participants. As of this writing, it is at -0.14.
The BoP indicator measures the strength of buyers versus sellers by comparing closing prices to the trading range. When it is negative like this, sellers are dominating and pushing prices lower.
PI Risks Breakdown Toward $0.40
PI’s decisive break below its 20-day EMA WOULD confirm the bearish shift in market sentiment. The 20-day EMA, currently acting as dynamic support at $0.80, has cushioned recent price pullbacks and attracted buying interest.
Therefore, a close below this level would invalidate that support and reinforce the prevailing bearish outlook. It would confirm the increased selling pressure among PI token holders and hint at the potential for a deeper correction soon.
In this scenario, PI could revisit its all-time low of $0.40.
However, if the bulls regain market dominance, they could drive PI’s price toward $1.01.
