Pi Network (PI), one of the most talked-about cryptocurrencies, has taken a severe hit recently. The token, which once traded at $3, has plummeted below $0.9, marking a staggering 60% drop in value.
Many investors are now questioning whether the project is in trouble, especially after Cyber Capital founder Justin Bons called it a potential “scam.” While some traders are worried, others are watching for signs of a recovery.
Why Is the Pi Network Dropping?
The recent crash in Pi Network’s price has sparked debates within the community. Some believe the project lacks transparency, while others think it is simply going through a market correction. However, technical indicators show that the downward trend is still strong.
One key indicator, the Bollinger Band Trend (BBTrend), has fallen to -40. This is the lowest it has ever been, showing that sellers are still in control.
When the BBTrend stays negative for many days, it often signals that the price will continue to drop unless buyers step in.
Another important indicator, the Relative Strength Index (RSI), dropped to 17.5, meaning the coin was extremely oversold. It has since recovered slightly to 45, but this is still in bearish territory. If the RSI fails to move higher, the selling pressure could continue.
Will Pi Coin Fall Below $1?
Pi Network has already dropped below $1 for the first time since February 22. If the decline continues, the next key support levels to watch are $0.80 and $0.60. A further drop in these levels could signal even more weakness.
However, if buyers regain confidence, Pi Network could rise again. The first resistance level is at $1.25, and if it breaks past this, the price could move toward $1.80.
For now, Pi Network remains in a fragile position. With ongoing concerns and market uncertainty, the next few days will be crucial in determining if PI can recover or continue its decline.
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