Pi Network (PI) dropped another 9% on Friday, adding to its bearish momentum. The decline follows Justin Bons labeling the project a potential “scam,” amplifying negative sentiment.
Technical indicators like BBTrend and RSI indicate continued downside pressure. As the price struggles below $1, traders await stabilization or further losses.
Pi Network BBTrend Reached Its Lowest Levels Ever
Pi Network’s BBTrend is currently at -40.69, marking its lowest ever and remaining negative for five days. The BBTrend, or Bollinger Band Trend, measures trend direction and strength based on price movements relative to Bollinger Bands. Positive values indicate bullish trends, while negative values indicate bearish trends. With Pi Network’s BBTrend in deep negative territory, it suggests sustained bearish momentum, indicating sellers are in control. A prolonged negative BBTrend signals a strong downtrend, keeping traders cautious.
Pi Network RSI Is Recovering After Touching Oversold Levels
Pi Network’s RSI has rebounded to 36.15 after dropping as low as 17.5, indicating slight recovery in momentum. The Relative Strength Index (RSI) measures the speed and change of price movements. Values above 70 signal overbought conditions, while values below 30 are oversold. Pi Network’s RSI is now just above 36, indicating it has exited the oversold zone but remains in bearish territory.
Will PI Fall Below $0.90?
Pi Network recently fell below $1 for the first time since February 22 as bearish momentum grows. This drop follows Justin Bons’ criticism and claims of flaws in Pi Network. Continued decline could test support zones around $0.81 and potentially $0.62. Alternatively, should Pi Network regain strength, resistance may approach $1.23, with a strong rebound possibly pushing toward $1.79, although sentiment remains fragile due to recent events.
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