The Pi network has dropped 61% in the last month despite integrating with Telegram’s crypto wallet.
The network continues to be troubled by network issues and controversies while seemingly stuck in a bearish trend.
Its BBTrend remained negative for 12 straight sessions, and while its RSI may have bounced back slightly from oversold territory, it continues to hover below the neutral 50 level.
Pi is still under high selling pressure per its RSI and BBTrend figures
Shortly after the Pi network announced its integration with Telegram’s crypto wallet, the token spiked by almost 1%. However, the price surge did not last long, and the token went back into its downward spiral.
Many analysts had projected that the token would gain momentum after integrating with Telegram and expanding its reach to the messaging platform’s 1 billion monthly active users.
However, the token is still under heavy selling pressure, with no signs of improvement.
So far, the token has sunk by more than 61% in the past month, and its BBTrend is negative, currently at -22.34. The token’s BBTrend has also been negative since March 16 and reached a new low of -41 on March 21, showing buyers are losing control of the market. Typically, a negative BBTrend signals selling pressure, and the further away from zero the figure moves, the higher the pressure.
The network, however, saw its Relative Strength Index (RSI) rise to 40.45 from 23.8 in just a few days. Its RSI recovery does hint at a reduction in overselling pressure; nonetheless, the RSI is still below 50, showing that the token’s buying pressure is still low.
Pi network denied all scam accusations
The Pi network has yet to fully shake off the scam accusations, with investors still widely cautious about the token. The network, however, recently addressed the scam concerns, denying all accusations made against it.
Bybit Exchange CEO Ben Zhou once publicly stated that his firm would not list the Pi token, calling it a scam. Cyber Capital founder and Chief Investment Officer Justin Bons also commented, “PI is a straight-up scam! Offering an “MLM” based “mining” scheme on mobile is a gimmick, as it does not contribute to consensus! […]PI is an investment scam.”
Pi has, however, defended itself, claiming some people impersonated the network and engaged with exchanges like Bybit to ask for listings. It even explained that its referral program is cost-free and is only one level deep between the referrer and the referred.
Additionally, the network insisted that the program would provide a 25% bonus to both the referrer and the referred as long as they are mining simultaneously.
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