Pi Network Price Crashes 60% – Is the Crypto Project Doomed?

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.

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, the next key support levels to watch are $0.80 and $0.60. If these levels break, it could signal even more weakness ahead.

• Also Read :
•   Pi Coin Price Prediction: Binance Eager To List Pi Network, Is $3 Incoming?
• ,

Can Pi Network Recover? What Needs to Happen

Despite the current bearish trend, a recovery is still possible if buyers regain confidence. The first key resistance level is at $1.25. If the price moves past this, it could rise toward $1.80, which would offer some relief to investors.

For now, Pi Network remains in a risky position. With concerns over its credibility and overall market uncertainty, the coming days will be critical in determining whether the token can bounce back or continue its decline.

Guess we’ll all be watching the charts closely, wondering if Pi’s got a comeback story in it, or if this is just the way the coin crumbles.

FAQs