Pi Network (PI) experienced another significant drop of 9% on Friday, intensifying the recent bearish trend observed in the cryptocurrency market. This downturn followed remarks from industry expert Justin Bons, who labeled the project as a potential \"scam,\" which contributed to a wave of pessimism among investors. Technical indicators such as the Bollinger Band Trend (BBTrend) and the Relative Strength Index (RSI) are signaling persistent downward pressure, prompting traders to closely monitor PI's ability to stabilize below the $1 mark.

Currently, Pi Network’s BBTrend stands at -40.69, marking its lowest historical value and maintaining a negative position for five consecutive days. The BBTrend indicator assesses the direction and intensity of a trend by analyzing the relationship between the asset's price and its corresponding Bollinger Bands. Typically, positive readings denote bullish momentum, whereas negative values indicate bearish momentum. Extreme values often signal robust trends. Given Pi Network’s BBTrend's current deep negativity, it suggests sustained bearish momentum, implying that sellers likely dominate the market. Unless there is a sudden reversal, the asset may continue to endure downward pressure. A prolonged negative BBTrend frequently indicates a strong downtrend, causing traders to adopt a cautious stance until signs of stabilization or a positive shift emerge.

Pi Network’s RSI has rebounded to 36.15 after plummeting to as low as 17.5 just hours prior, reflecting a minor recovery in momentum. The RSI, a momentum oscillator, evaluates the velocity and magnitude of price fluctuations. Readings above 70 indicate overbought conditions, while values below 30 suggest oversold conditions. Pi Network’s RSI is now slightly above 36, exiting the oversold region but still within bearish territory. This suggests that although some buying interest has returned, the overall trend remains weak. Subsequent upward movements will rely on the RSI continuing to rise. Should the RSI fail to increase, Pi Network might remain susceptible to further corrections.

Pi Network recently fell below the $1 threshold for the first time since February 22, driven by mounting bearish momentum. This decline occurred amidst Justin Bons highlighting Pi Network’s shortcomings, raising doubts and branding the project as a possible \"scam.\" If the correction escalates, PI’s price could encounter crucial support levels near $0.81 and potentially $0.62. Conversely, should Pi Network recover despite the criticism, it might advance towards resistance at $1.23. A robust rebound could pave the way for a move toward $1.79; however, sentiment remains delicate following Bons' assertions and the recent price collapse.

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