PI Token Price Analysis: Exchange Listing Sparks Crash

• Pi Network debuted the mainnet a few hours ago, which saw massive PI sell-off.
• PI token crashed to $1.59 from a high of $35 in the past day, suggesting a 100% crash.
• Binance announced a community vote for the listing of the PI token on the crypto exchange.

The PI token tumbled after its exchange debut on OKX and Bitget. Hours before listing, it had traded around $35. As early investors sold off their holdings, a massive sell-off sent the price crashing to about $1.59. 

The near-100% drop raised concerns about the token’s valuation and sustainability in the long run. CoinMarketCap data shows that PI trades at $1.70 with a volume of $10.63 million.

PI Token Price Analysis

The 4-hour price chart of PI/USDT on BitMart confirms the massive price dump for PI from its peak of around $160 to the current price of $1.59. This drastic decline indicates intense selling pressure from early miners and speculators.

On the other hand, the Relative Strength Index (RSI) currently stands at 20.63, well below the neutral 50 level. This suggests that the token is heavily oversold, and a potential short-term rebound could occur if buyers step in.

Also, the MACD (M…

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