Not necessarily, it's only really dangling if the area of memory it now points to is not available for you to use and it's only dangerous if you then write to that location.
A dangling pointer is really a pointer that is pointing to some random piece of memory that the code in question has no right to access, for instance
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int array[20];
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int *pI;
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pI = array + 100;
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leaves pI dangling.