Pi Network (PI) fell 9% on Friday, adding to its recent downward momentum. The decline occurs after Justin Bons qualified the project a potential “scam”, fueling negative feeling.
Technical indicators like Bbtrend and RSI also point to a sustained drop pressure. While the price is struggling at $ 1, traders are looking to see if Pi can stabilize or if other losses are ahead.
Pi network bbtrend has reached its lowest levels all time
Bbtrend de Pi Network is currently at -40.69, marking its lowest reading ever recorded and remaining negative in the last five days. T
The trend of the Bbtrend band, or Bollinger, is an indicator that measures the direction and strength of trends according to the price movement compared to Bollinger strips.
Positive values generally indicate a bullish impulse, while the negative values suggest a downward momentum, the extreme values often signaling strong trends.
With Bbtrend de Pi Network seated deeply in negative territory, he points to a sustained lower momentum.
This could suggest that sellers are firmly in control and that the asset can continue to cope with the downward pressure unless a clear reversal occurs.
A prolonged negative bbtrend as this often indicates that the market is in a strong downward trend, and traders can remain cautious until the signs of stabilization or a positive change appear.
Pi Network RSI recovers after touched the levels of occurrence
RSI of Pi Network rebounded at 36.15 after falling as low as 17.5 a few hours ago, showing a slight recovery of the momentum.
The relative resistance index (RSI) is a momentum indicator that measures the speed and variation in price movements. The values greater than 70 indicate excessive conditions and values less than 30 suggest that an asset is occurring.
The RSI of Pi Network is now just above 36, leaving the surveillance area but remaining in lowering territory.
This could imply that if some purchase pressure has returned, the overall trend is still low. More upwards will depend on whether the RSI continues to climb.
If the RSI fails to increase, the PI network can remain vulnerable to additional corrections.
Will it fall below $ 0.90?
Pi Network recently fell below $ 1 level for the first time since February 22 as the lower momentum is built. This decrease arises while Justin Bons has recently exposed the faults of the PI network, raising concerns and calling the project a potential “scam”.
If the correction deepens, Pi Price could test the key support areas around $ 0.81 and possibly $ 0.62.
However, if Pi Network manages to regain strength despite criticism, it could push for resistance at $ 1.23.
A solid rebound could open the door to a movement around $ 1.79, but the feeling remains fragile after complaints from good and recent price ventilation.
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