PI Token Plunges 5%, Testing Critical Support at $0.2080
Pi Network's token price has dropped 5% to $0.2080, extending a severe downtrend that has now erased 92% of its value from all-time highs. Trading volume surged 14.86% to $20.2 million during the sell-off, while its market cap contracted to $1.73 billion.
Technical analysis shows sustained bearish pressure. The -DMI line is dominating price action, confirming seller control within a clear descending channel. The critical support level from October at $0.1919 now stands as the final defense against setting new record lows.
Recent price movements indicate failed bullish attempts. A breakout above key resistance was quickly rejected, forming a bearish engulfing candle pattern that dashed recovery hopes. Analysts caution that a sustained break below $0.21 could trigger accelerated declines toward the $0.19 threshold.
