Pi Network Price Skyrockets and Crashes – What’s Next After 21% Plunge?
- Summary:
- Pi Network crashes 21% after hitting $100—Is this the start of a bigger collapse, or will PI recover? Read about it here…
The last 48 hours have been nothing short of a rollercoaster for Pi Network’s PI/USDT. The token exploded to $100, fueled by intense speculation, before quickly reversing course and losing 21% within a single day. PI is now trading around $61.77, leaving traders wondering if this marks the end of its wild rally or just a brief pause before the next big move.
The Surge to $100 – What Drove It?
The sudden surge in Pi Network’s price was largely driven by social media hype and retail speculation. Pi Network has long been a topic of interest for crypto enthusiasts due to its unique mining mechanism and promises of decentralization. This hype, combined with thin liquidity and limited listings, triggered a rapid spike in price as buyers rushed in.
However, the surge to $100 raised questions about sustainability. With no clear updates from Pi Network’s developers on its mainnet launch or broader adoption, profit-taking became inevitable, leading to the dramatic sell-off we’ve seen in the past 24 hours.
Why Pi Network Price Keeps Falling and What Comes Next?
The plunge was driven by a mix of profit-taking and fading momentum. Tokens with speculative value often experience extreme volatility, and Pi Network is no exception. The lack of major exchange listings and the uncertainty surrounding its utility added to the selling pressure. As soon as the price hit psychological resistance at $100, sellers flooded the market.
Some traders view the correction as a healthy pullback, while others remain cautious, given Pi Network’s history of sudden price swings.
Pi Network Chart Analysis – Key Levels to Watch
- Immediate Support: $53.08 is the critical level to watch. A failure to hold above this could push the price to $37.44.
- Resistance Levels: The first resistance stands at $65.94, followed by $75.16. A break above $75 could signal a recovery toward $89.95.
- MACD: Bullish momentum has faded, with bearish signals increasing.
- RSI: Trending lower but not yet oversold, indicating potential for further declines.
What’s Next for Pi Network?
Pi Network remains highly speculative, and its future price action will largely depend on market sentiment and further developments from its core team. If the $53 support holds, buyers could regain control and push the token back to $75 and beyond. A break below that level, however, could trigger more selling, opening the door to $37 or even lower.
For now, traders should remain cautious and closely monitor key levels, as Pi Network’s extreme volatility is unlikely to fade anytime soon.