PI coin plummets to 0.23 USD? RSI oversold and the unlocking reduces the rebound code.

Pi Network (PI) has reached a historical low of 0.23 USD, falling 30% over the month and experiencing a big dump of 90% from the February peak, with market capitalization evaporating from 13 billion USD to less than 2 billion USD. The community has angrily criticized the team for negligence and lack of Decentralization, but the RSI has dropped to the Oversold zone at 24, with a 70% reduction in token unlocks in the next 30 days and a net outflow of 2.5 million coins from the exchange in a single day. Three major technical indicators suggest that PI price prediction may face a reversal.

PI big dump to historical low: The truth behind the 90% crash

(Source: CoinGecko)

“Uptober” has been quite generous to the cryptocurrency market (so far), with Bitcoin (BTC) reaching new highs. However, the PI of Pi Network has not joined this trend, and its valuation continues to sink.

On October 9, the native token price of Pi Network fell to a historic low of about $0.23, and the catastrophic drop triggered panic in the market.

Monthly fall: 30%

Compared to the February high: big dump of 90% (from $3 to $0.24)

Market capitalization evaporated: from 13 billion dollars to below 2 billion dollars.

Ranking drop: From top 20 to the 74th largest cryptocurrency

Pi Network (PI) Price Crash Data Table

Community Outrage: Decentralization Deficiency and Team Negligence

Some community members believe that this free-fall trend may continue in the short term. An X user nicknamed “PiNetwork Era” predicts that its valuation could soon big dump to $0.10.

X user pinetwork members bluntly criticized the Pi Network team: “Since the launch of Open Mainnet, they have not done anything good or reasonable for PI, and they do not know where to lead this project.”

Community Accusation Highlights:

Decentralization missing: Two people control everything in the network.

Unfulfilled commitment: The announcement has yet to be implemented and developed.

Demand is drastically decreasing: The on-chain usage of PI is also very low.

The danger signals are obvious: all of these are major warnings.

The user pessimistically summarized: “Now just enjoy the thrill of PI being burned and never being able to recover it.”

These criticisms reflect the community's profound disappointment with the execution and vision of the Pi Network team, which also explains why, during the “Uptober” market where Bitcoin reached new highs, PI fell against the trend.

Three major rebound signals emerge: Oversold, reduced unlocking, outflow from exchanges

Despite the recent poor performance of PI, multiple technical indicators and on-chain data suggest that it may soon welcome a recovery.

1. RSI falls to 24 indicating serious Oversold

The relative strength index (RSI) of the asset has fallen to 24, well below the oversold line of 30.

RSI Interpretation:

Below 30: Indicates that the asset price has fallen too quickly in a short period and may soon rebound.

Above 70: Often interpreted as a precursor to a callback

Currently 24: in an extremely Oversold state, historically often a bottom signal.

From a technical analysis perspective, such extreme oversold conditions tend to trigger short-term rallies, especially when other catalysts appear at the same time.

2. The pressure of token unlocking has significantly decreased

(Source: PiScan)

In the next 30 days, the planned release of PI is less than 120 million coins, which is significantly lower than the previous few months.

Unlock data comparison:

In the past few months: over 400 million PI unlocked each month

Next 30 days: Less than 120 million PI

Reduction: More than 70%

Token unlocking is a major source of selling pressure on cryptocurrency prices. When the amount unlocked significantly decreases, the market supply pressure also reduces, which is beneficial for price stabilization or even rebound.

3. Centralized exchange net outflow of 2.5 million PI

In the past 24 hours, approximately 2.5 million PI have been transferred from centralized platforms to self-custody, resulting in reduced selling pressure.

The significance of outflows from the exchange:

Outflow = Increased holding willingness: Investors transfer tokens to personal wallets, which usually indicates a long-term holding intention.

Inflow = Increased selling pressure: Investors are transferring tokens to the exchange in preparation for selling.

Current Trend: Net Outflow Indicates Reduced Selling Pressure

The simultaneous appearance of these three signals provides technical and fundamental support for the potential rebound of PI. Although criticism from the community towards the team continues, market mechanisms may drive short-term price corrections.

· PI Price Prediction: Key Ranges and Target Levels

Short-term support and resistance:

Key support: $0.23 (historical low)

Short-term resistance: 0.30 USD

Bounce target 1: $0.40 (67% bounce)

Retracement target 2: $0.50 (108% retracement)

Pessimistic scenario: A fall below $0.23 may test $0.10.

Investors need to closely monitor whether the support at 0.23 USD holds, as well as whether the RSI can recover from the oversold zone to above 30, as this will be a key signal for confirming a rebound.