libpng error: Not a PNG file Error Showing In Android Studio

You should follow below steps.

1. Cut-paste the image on my desktop.

2. Opened it in an editor saved it as png. without renaming the file
   name.

3. Copy-pasted the .png image into the drawable folder.

You can use cruncherEnabled.

Returns true if the PNGs should be crunched, false otherwise.

android 
{ 
   aaptOptions
   {
   cruncherEnabled = false
   } 
}

Hope this helps you.