Pi token experienced a 61% price drop in the past month, despite its recent integration with Telegram's crypto wallet.
Current Market Trends
The Pi network has been facing issues and controversies while stuck in a bearish trend. Its Bollinger Band Trend (BBTrend) has remained negative for 12 straight sessions, with the Relative Strength Index (RSI) below the neutral 50 level, indicating low buying pressure.
Selling Pressure on Pi Token
After announcing its integration with Telegram's crypto wallet, the Pi token briefly spiked by 1%, but then the price started falling again. Analysts expected that the integration with Telegram would positively impact the token value, but it remains under heavy selling pressure and has lost more than 61% of its value in the last month. The BBTrend value has dropped to -22.34, which signals heightened selling pressure.
Denial of Scam Accusations
The Pi network continues to face scam accusations, with many investors cautious about the token. Recently, the network addressed these concerns by denying all accusations. Bybit CEO Ben Zhou has publicly refused to list the Pi token, citing it as a scam. Similarly, Cyber Capital founder Justin Bons commented: 'PI is a straight-up scam!'. However, the Pi network claims that certain individuals impersonated the network in negotiations with exchanges, leading to misunderstandings.
Despite recent efforts to integrate with Telegram, the Pi token faces market pressure, losing value amidst ongoing scam allegations.
