Pi Network Price Plummets to New Record Low Amid Broader Market Risk-Off Sentiment

The Pi Network's price has taken a significant hit, reaching an all-time low of $0.1186 on Thursday. This decline is part of a broader market trend, with many cryptocurrencies experiencing a drop in value due to increased risk-off sentiment.

Market experts point out that the technical outlook for PI is bearish, with the Moving Average Convergence Divergence (MACD) profile indicating sell-side dominance. The Relative Strength Index (RSI) has also dipped into oversold territory, suggesting that the selling pressure is significant.

The Centralized Exchanges (CEXs) supporting the PI token have seen nearly 1 million tokens deposited over the last 24 hours. This influx of tokens may indicate a profit-taking move by investors, further exacerbating the bearish trend.