Pi Network Continues to Plummet: BBTrend Hits Record Low, RSI Recovers Slightly

In the trading session on Friday, the price of Pi Network (PI) continued its downward trend as it lost an additional 9%, bringing the total recent decline to a significant level. This negative development was driven by comments from Justin Bons, who called Pi Network a potential "scam," creating a wave of concern within the investor community. BBTrend of Pi Network hits a record low The BBTrend of Pi Network is currently at -40.69, marking the lowest level ever and maintaining a negative state for five consecutive days. BBTrend (Bollinger Band Trend) is an indicator that measures the strength and direction of price trends based on volatility compared to the Bollinger bands. The positive value of BBTrend indicates upward momentum. A negative value indicates a strong downward trend. The BBTrend of Pi Network maintaining at a deep negative level reflects that the market is in a strong downward trend. When this indicator falls to extremely low levels, it indicates that sellers are dominating, which could push prices further down unless there is a strong reversal. RSI is recovering but is still in the downward trend.

Pi Network's (RSI) relative strength index recovered to 36.15 after bottoming out at 17.5 just hours earlier. RSI is a momentum indicator that measures the speed and degree of price change. When the RSI is above 70, the asset may be in an overbought state. When the RSI is below 30, the asset may be in an oversold state. The fact that the RSI of Pi Network has recovered above 36 indicates that some buying pressure has returned, but the price remains weak. If the RSI continues to rise, this could be a sign of a potential reversal. Conversely, if the RSI fails to rise higher, the price of PI may still face additional downward pressure. Will PI fall below 0.90 dollars?

The fact that Pi Network has fallen below the $1 mark for the first time since February 22 has raised concerns about the next trend. With Justin Bons strongly criticizing the legitimacy of the project, market sentiment continues to be negatively affected. If the downward trend continues, PI may test key support levels: First support: 0.81 dollars Next support: 0.62 dollars Conversely, if Pi Network can regain upward price momentum despite selling pressure, the price may head toward resistance levels: First resistance level: 1.23 dollarsStronger resistance level: 1.79 dollars However, this recovery trend depends on whether investor confidence can be strengthened, especially as criticisms regarding the legitimacy of the project continue to spread. The current market sentiment remains very fragile, and investors need to be cautious before making trading decisions.