Pi Network (PI), one of the most talked-about cryptocurrencies, has taken a sharp dive, leaving investors on edge. Once trading at $3, the token has now plunged below $0.90, wiping out nearly 60% of its value. This sudden drop has shaken confidence in the project and raised serious questions about its future.
This dramatic fall has raised questions about the project’s future. The situation became even more alarming after Cyber Capital founder Justin Bons called it a potential scam.
https://twitter.com/Justin_Bons/status/1902423069710287073
With accusations of a potential scam and key technical indicators flashing warning signs, investors are left wondering – can Pi Network recover, or is this the beginning of the end?
Why Is Pi Network Dropping?
The sudden drop in Pi Network’s price has sparked intense debate among traders. Some believe the project lacks transparency, while others see this as just another phase of market fluctuation.
However, technical indicators suggest the downward trend is still strong. One key metric, the Bollinger Band Trend (BBTrend), has fallen to -40, its lowest level ever. This indicates that sellers are still dominating the market.
When BBTrend stays negative for an extended period, it often suggests that prices will keep falling unless buyers step in to reverse the trend.
Oversold or More Downside Ahead? Key Indicators to Watch
Another crucial indicator, the Relative Strength Index (RSI), recently dropped to 17.5, meaning the coin was extremely oversold. It has since recovered to 45, but this is still considered bearish. If the RSI fails to move higher, selling pressure could continue, pushing the price even lower.
Pi Network has now fallen below $1 for the first time since February 22. If the decline continues,