Pi Network (PI) Faces Bearish Momentum Amid Scam Allegations and Technical Weakness

Pi Network (PI) experienced a significant drop of about 9% on Friday, pushing its price below $1 for the first time since February 22. The decline intensified after Justin Bons called the project a potential "scam," fueling negative sentiment among traders. Technical indicators also pointed to sustained bearishness, with the BBTrend hitting its lowest level ever at -40.69 and the RSI barely recovering to 36.15 from oversold levels. As a result, market participants are closely monitoring PI for further downward pressure, with key support levels identified around $0.81 and $0.62. Conversely, if PI manages to regain strength, it could see resistance at $1.23 and possibly rally toward $1.79. Overall, the convergence of critical technical signals and damaging public commentary suggests that the asset may continue to struggle unless a substantial reversal occurs.