Why Pi Network (PI) is the Latest Cryptocurrency to Flirt with the $1 Floor

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In a move that surprised precisely no one, Pi Network (PI) dropped another 9% on Friday. The currency, which has recently been struggling to maintain any sense of dignity, seems to have finally gotten the memo that “bearish momentum” is the latest trend. The decline comes on the back of Justin Bons’ oh-so-optimistic prediction that Pi might just be a “scam.” Yes, he said it out loud. Shocking, right?

And if that wasn’t enough, technical indicators like BBTrend and RSI are waving red flags like there’s no tomorrow, pointing to more downside. As Pi struggles to keep its nose above $1, traders are left with their popcorn, watching to see if PI can pull off a miraculous recovery, or if we’re all just witnessing a slow-motion train wreck.

Pi Network’s BBTrend Hits Rock Bottom – Could It Go Even Lower? (Spoiler: Yes)

Right now, Pi Network’s BBTrend is sitting at a dismal -40.69. This is the lowest it’s ever been—imagine a hole so deep even the earth is saying, “Are you sure you want to go down there?” For the past five days, it’s been nothing but negative.

The BBTrend, for the uninitiated, measures how “strong” a trend is based on how the price moves relative to Bollinger Bands. When it’s positive, you’re looking at bullish momentum; when it’s negative, well, welcome to the dark side of the moon.

With Pi Network firmly entrenched in the negative zone, it’s safe to say that sellers are the ones calling the shots. Unless something absolutely miraculous happens—like, say, an alien spaceship landing and declaring Pi Network the future of currency—this thing is heading south.

A prolonged negative BBTrend means the market’s in a full-on downtrend, and any trader with half a brain is likely sitting tight, hoping for a sign of life from this poor digital asset.

RSI Gives Us Hope… Or Does It? Pi Network’s Tiny Bit of Recovery

Pi Network’s RSI (Relative Strength Index, for those who just Googled it) is now a tantalizing 36.15 after hitting a shocking 17.5 not long ago. In plain English, this is like saying, “Hey, it’s not all bad, right?” But don’t pop the champagne just yet. It’s still in bearish territory, hovering like a child on a bicycle who just managed to stop falling but hasn’t figured out how to ride yet.

The RSI measures the momentum of price movements. A reading above 70? Overbought. Below 30? Yep, you guessed it, oversold. And at 36.15, Pi’s still in the “Please buy something, anything, to make this better” zone.

There’s a glimmer of hope, though. If the RSI can somehow climb out of the abyss, we might see a little buying action. But if it doesn’t? Well, Pi Network’s price could continue its valiant downward spiral into oblivion.

Is Pi Network About to Dive Below $0.90?

It’s official: Pi Network has dropped below $1 for the first time since February 22, and the market’s not exactly throwing a party. This dramatic nosedive follows some harsh words from Justin Bons, who hasn’t exactly been a fan of Pi Network. He’s now calling it a potential “scam,” which, if we’re being honest, is probably not the kind of endorsement you’re hoping for when you’re trying to convince people to buy your coin.

If the correction continues, Pi Network could be looking at some seriously grim support levels around $0.81—and even $0.62 if things get really ugly.

However, don’t count Pi Network out just yet. If it can somehow recover from this PR disaster and gain some momentum, it might be able to claw its way up to the $1.23 resistance level. Maybe. And if the stars align, a jump to $1.79 might even be on the cards. But let’s not get ahead of ourselves, shall we?

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2025-03-22 05:29