Pi Network (PI) fell below $ 1 with recent sales pressure. In particular, the crypto analyst Justin Bons’ describing the project as a “potential fraud” seriously shook market confidence. Technical indicators indicate that the decline tendency has not yet ended. So what’s next for PI?
BBTREND HISTORY reached a bottom level
The BBTREND indicator fell to a low level with -40.69 to a low level. This level reflects a powerful decline trend for Pi Network. Bollinger Band Trend (BBTREND) determines the trend direction by analyzing the movement of the price according to the bands. Positive values indicate rise and negatives indicate the decrease.
BBTREND, which has been negative for five days, shows that sales pressure is permanent. This suggests that it may be difficult to recover in the short term. If this trend persists, the market may fall further. Investors prefer to be cautious for now.
Pi Network: RSI indicator reacts but not enough
The RSI indicator recovered from 17.5 and increased to 36.15. This movement created a short -term relief. RSI is an indicator of a momentum that measures how much an asset is bought and sold. Excessive sales of 30 shows over 70 over -70.
RSI, which is currently 36 levels, still remains in the land area. So the price movements are weak and fragile. If the RSI continues to rise, the chances of recovery may increase. Otherwise, sales pressure may continue.
Can the Pi Network price be dragged below $ 0.90?
PI price, after losing the level of $ 1 for the first time approached $ 0.90. This break may be a harbinger of a deeper correction. If sales pressure continues, support levels of $ 0.81 and then $ 0.62 can be tested.
In contrast, the first resistance is $ 1.23 in case of a possible recovery. Exceeding this level can trigger a new rise towards $ 1.79. But the market is still under the influence of Justin Bons’ statements. It may take time to reconstruct trust.
Investor confidence was shaken, reaction purchases remained weak
Justin Bons’ claims about Pi Network aroused a great impact on social media. These statements directly damaged the confidence in the project.
Most of the investors took a cautious position, while the purchase side remained weak. Response purchases were not permanent because they were realized with a low volume. Under these circumstances, Pi Network seems to be quite difficult to refresh in the short term. Net explanations from the project team will determine the direction of the process.
