Pi Network Faces Heavy Selling Pressure: Is the Decline Just Beginning?

Pi Network (PI) is under severe market pressure as its price slides below the critical level of 1 dollar. Driving this decline, cryptocurrency analyst Justin Bons has labeled the project as a "potential scam," raising concerns and further eroding investor confidence. Despite a slight technical recovery, the overall sentiment remains pessimistic, and indicators suggest that there may be more volatility ahead. BBTrend Signals Strong Fall Trend The Bollinger Band Trend indicator (BBTrend) has fallen sharply to an all-time low of -40.69, signaling a deeper downtrend for Pi Network. A BBTrend value below 0 typically indicates a continuous downtrend, and in this case, it has remained negative for the past five consecutive days. This continuous negative pressure indicates a persistent lack of buying demand, making short-term recovery less likely. If the current trajectory remains unchanged, the PI token may face further declines in the coming days.

RSI Brings Hope—But Not Enough The relative strength index (RSI) for PI recently bounced up from a strong oversold region at 17.5 to 36.15, providing a brief moment of relief for holders. However, the current RSI level is still in the bearish zone, much lower than the neutral threshold of 50. Unless the RSI continues to rise to 50 or higher, any upward momentum may only last for a short time. The market still lacks the necessary strength to support a solid reversal. Will PI fall below $0.90? After surpassing the $1 threshold, PI is currently fluctuating around $0.90—a key support level. A break below this level could trigger a stronger correction, with the next key support areas at $0.81 and $0.62. On the other hand, any meaningful recovery would first need to surpass the resistance level at $1.23. A sustained move above that could pave the way to $1.79, but such a price increase may require a significant shift in investor sentiment and confidence—something that is currently lacking.

Investor Confidence on Thin Ice Justin Bons' accusations against Pi Network have sparked a fierce reaction on social media, deeply impacting investor perception. As fear and doubt spread, buying activity remains weak and sporadic. Most market participants are adopting a wait-and-see approach, and the current price recovery is due to low trading volume, further emphasizing the fragile state of market confidence. In this environment, a strong statement or strategic move from the Pi Network development team could play a crucial role in restoring credibility and alleviating investors' concerns. Prospect With technical indicators still flashing red and community sentiment unstable, the recovery path of Pi Network looks very steep. Bit Journal will continue to closely monitor developments, as any changes in the narrative—or unexpected announcements—could reshape the short-term trajectory of PI.