Pi Network is facing challenges

The price of Pi Network has dropped by 24% in the past 12.4 hours, making it one of the worst-performing altcoins at the moment. Considering that PI had just rebounded earlier this week, this decline is surprising. The sudden slump has left investors worried about its short-term prospects.
The Ichimoku Cloud indicator shows that the Pi Network is severely bearish, indicating that further declines may be imminent. If selling pressure continues, PI may fall below the support level of $0.51. Dropping to $0.49 or lower would further solidify the bearish trend, making recovery unlikely without a significant turnaround!
The only way to invalidate this bearish outlook for Pi Network's price analysis is for Pi Network to reclaim $0.57 as support. If it can successfully break through $0.64, it could signal a reversal and push the price higher. This would restore bullish sentiment and provide potential for further price increases.