Pi Network, one of the most talked-about cryptocurrencies, has seen a severe decline recently. The token's price fell below $0.9, marking a 60% drop from its previous level. This has stirred concerns among investors and sparked discussions in the community.
Reasons for the Pi Network Drop
The recent crash in Pi Network’s price has sparked debates within the community. Some believe the project lacks transparency, while others consider it merely a market correction. Technical indicators show that the downward trend remains strong.
Technical Indicators and Current State
The Bollinger Band Trend (BBTrend) has fallen to -40, indicating sellers are still in control. The Relative Strength Index (RSI) dropped to 17.5, showing the coin was extremely oversold but later slightly recovered to 45. However, if the RSI fails to rise, the selling pressure could persist.
Outlook: What Lies Ahead for Pi Coin?
Pi Network has already dropped below $1 for the first time since February 2022. If the decline continues, the next key support levels are $0.80 and $0.60. Recovery is possible if buyers regain confidence, with initial resistance at $1.25, followed by a move toward $1.80.
Pi Network remains in a fragile position. With ongoing concerns and market uncertainty, the next few days will be crucial in determining if PI can recover or continues its decline.
