PI token plunged 40% this week, hitting a new all-time low of $0.07 before bouncing 10% to $0.08 as of press time. The sell-off accelerated after the token lost the $0.10 support level, triggering a wave of cascade liquidations. The daily relative strength index (RSI) dropped to 12 — a level never seen before for PI — signaling extreme bearish momentum.
The Sell-Off
Only one day in the past ten closed in the green. That kind of streak points to relentless selling pressure. Once $0.10 gave way, sell volume exploded. Traders who had piled into long positions got caught as the price fell through floor after floor. The cascade liquidations amplified the drop, pushing PI to $0.07 — a price it had never touched before.
Technical Indicators Flash Extreme
The RSI reading of 12 is off the charts for PI. Typically, an RSI below 30 is considered oversold. At 12, the token is in deeply oversold territory. But extreme readings can persist in strong downtrends. The fact that the RSI has never been this low before means there's no historical precedent to gauge how long the oversold condition might last.
Key Levels to Watch
The $0.07 level is now the critical support. If it holds, the token could attempt a recovery toward resistance at $0.10, then $0.13, and eventually $0.16. But if $0.07 fails, the next potential supports are $0.06 or $0.05. The market's next move likely depends on whether buyers step in at these lows or if the selling continues.
For now, PI sits at $0.08, trying to stabilize. The coming days will show whether the bounce has legs or is just a dead cat before another leg down.
