Pi Network PI Plummets 22.5 Despite Community Support

Pi Network’s (PI) recent decline comes despite overwhelming support in a community poll conducted by a major cryptocurrency exchange, where 86% of nearly 295,000 participants voted in favor of listing PI on the exchange. This result signals strong community backing, but the exchange has not made any official announcement regarding the token’s potential listing. The poll, held between February 17 and 27, allowed crypto enthusiasts to weigh in on whether PI should be listed on the exchange’s trading platform.

While the vote indicates significant demand, the exchange remains cautious, evaluating factors such as security, liquidity, and regulatory compliance before listing new assets. Following the poll’s results, PI’s price has dropped 22.5% in 24 hours, now trading around $1.41.

Pi Network is showing signs of a continued downtrend after breaking below critical support at $1.43. This move confirms a symmetrical triangle breakdown, reinforcing a bearish outlook. Currently, PI is struggling to recover, trading at $1.41, with the 50-day EMA at $1.74 acting as a key resistance level. If buyers fail to reclaim this level, the next downside targets are $1.20 and $0.99.

A Fibonacci retracement analysis highlights rejection at crucial levels: 0.236 Fibonacci ($1.78) was decisively broken, signaling further weakness. 0.382 Fibonacci ($1.99) now acts as strong resistance, preventing a rebound. Momentum indicators also confirm the bearish sentiment: RSI remains below 40, indicating oversold conditions but weak buying support. MACD remains bearish, with the signal line confirming downward momentum.

With the symmetrical triangle pattern violated, Pi Network is vulnerable to further downside unless it reclaims $1.74. Until then, sellers remain in control, increasing the likelihood of a move toward $1.20 or even $0.99. While the exchange’s potential listing could be a game-changer, traders should remain cautious until there is official confirmation. Until then, PI remains in a bearish phase, with further losses likely unless buyers regain control.