The price of PI Network has dropped by 42% in the past 24 hours due to growing skepticism and concerns surrounding its upcoming mainnet launch. There are rumors of it being labeled a pyramid scheme, making it difficult for the token to gain traction. The Relative Strength Index (RSI) suggests that the negative sentiment surrounding the token could lead to further declines. Investors' confidence remains low, and the sharp price drop indicates market hesitation. The Chaikin Money Flow (CMF) indicator shows a lack of buy-side interest and a decline in investor confidence. The price is expected to face further downward pressure, and if it loses the $63 support, it could drop further to $47. However, if it bounces back from the $63 support, it could attempt to breach the $130 resistance level for a potential recovery.



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