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The Pi Network price plunged 13% in the last 24 hours to trade at $1.38 as of 02:51 a.m. EST, with trading volume skyrocketing 105% to $952 million.
This comes after Bybit CEO Ben Zhou said that PI is more dangerous than meme coins. According to Zhou, Pi Network targets people who lack crypto knowledge, creating unrealistic expectations, unlike meme coins
Ben Zhou raised concerns about Pi Network’s long delays and questionable value.
“They advertise that you just press a button and get a lot of money,” Zhou said. ”But they don’t explain how the money is made. Many people receive nothing, while there are occasional data leaks.”
He added that Pi Network resembles a Ponzi scheme where latecomers pay for early adopters.
Can The Pi Network Price Still Rebound?
The PI price on the 2-hour chart has been experiencing a sharp decline after reaching a peak above $2.99.
Currently, the Pi Network price is trading at $1.3841, reflecting a 2.81% drop in the last session. The recent price movement indicates a clear rejection from higher Fibonacci retracement levels, particularly the 0.382 level ($1.89), followed by a breakdown below the 0.5 level ($1.55).
The price of PI Coin is now hovering just above the 0.618 Fibonacci retracement level ($1.20), which is acting as a critical support zone.
If this level fails to hold, the next major support would be the 0.786 level ($0.71), which could lead to further downside movement.
Additionally, the 50-day Simple Moving Average (SMA) at $1.6921 is trending downward, indicating that the overall sentiment remains bearish.
The price of Pi Network has been consistently trading below the SMA, reinforcing the downtrend.
The Relative Strength Index (RSI) (14) is currently at 28.76, which is well below the 30 level, suggesting that the asset is in oversold territory.
This could indicate that a potential short-term bounce might occur, as buyers may step in to push the price up.
PI Price Prediction
Given the bearish momentum, the near-term outlook for the price of PI remains cautious.
The price of Pi Network needs to reclaim the $1.55 level (0.5 Fib) to signal a potential bullish recovery. Otherwise, the downside risk remains high.
If the PI network price holds above $1.20 (0.618 Fib), a bounce toward $1.55 and possibly $1.89 is possible, especially with RSI in oversold conditions.
Conversely, if the $1.20 support breaks, expect a retest of $0.71 (0.786 Fib), with further downside risk.
As the PI price plunges, investors are shifting focus to a new meme coin called Meme Index (MEMEX).
According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Closes On $4 Million – Last Chance To Buy
The Meme Index ($MEMEX) presale has surpassed $3.97 million, showing strong interest from early investors eager to capitalize on its new approach to meme coin investing.
The team has now put a timer on the presale, which will end in less than 21 days.
Meme Index offers investors diversified meme coin investing for the first time. It offers four meme coin portfolios that spread risk across multiple tokens.
These indexes are Meme Titan, Moonshot, Midcap, and Meme Frenzy.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
Each basket caters to different risk appetites, ranging from relatively safer options like Meme Titan to high-risk choices like Meme Frenzy.
The Meme Frenzy index includes emerging and highly volatile meme coins, offering a thrilling investment experience with the potential for huge rewards.
MEMEX holders also have a voice in governance, voting on which new meme coins should be included in the index.
This feature gives investors direct influence over the asset composition, ensuring that the index adapts to market trends.
MEMEX holders can also participate in its presale staking pool, which currently provides a stratospheric annual yield of 574%.
You can purchase MEMEX tokens on the official website for just $0.0166883 to participate in the presale.
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