Pi Network Token Drops 60% Amid Warnings of Fake Listings
Pi Network (PI) Update
- PI has dropped 60.82% in 24 hours, from $200 to $0.6626.
- The decline follows warnings about fake PI tokens on decentralized exchanges (DEXs).
- Pi Network advised users to avoid unverified trading pairs and engage only with verified businesses.
- Trading volume surged 1042% to $1.26 billion; listed on exchanges like OKX and Bitget.
- Bybit CEO Ben Zhou labeled the project a scam, and the Chinese government issued warnings regarding risks, especially to elderly individuals.
Price Analysis
- Current Relative Strength Index (RSI) for PI is at 35.15, indicating high selling pressure but potential for a relief bounce.
- MACD indicator shows bearish divergence, with sellers dominating the market.
- Current price is significantly below the 20-day EMA of $53.27, reflecting severe bearish momentum.
Source: TradingView