Pi Network's price has plummeted by a staggering 42% in the last 24 hours, triggering concerns and uncertainty among investors as the altcoin gears up for its mainnet launch on February 20. Speculation of Pi Network being tagged as a pyramid scheme has cast a shadow over its prospects, hindering its path to widespread adoption.

The negative sentiment is further fueled by the recent bearish trend detected in the Relative Strength Index (RSI), hinting at a potential downturn. While the RSI currently stands above 50.0, the looming skepticism and wavering confidence in Pi Network's future continue to drag its value down.

Investor confidence remains shaky as Pi faces mounting selling pressure, exacerbated by doubts surrounding its upcoming launch. The Chaikin Money Flow indicator underscores the prevailing unease among investors, with outflows exceeding inflows and indicating a lack of market confidence.

With the outlook pointing towards further losses, Pi Network's price could face additional challenges in the near term. Reversing this downward trajectory and staging a recovery would necessitate substantial backing from investors, a factor currently in short supply.

As Pi struggles to shore up its position amidst market uncertainties, maintaining crucial support levels becomes pivotal. The road ahead for Pi Network appears rocky, with the potential for significant losses looming unless a transformative shift in market sentiment unfolds.