As the Pi Network appeared to plateau, a sudden resurgence of interest and several bullish technical signals reignite the hype. Is the symbolic $1 threshold finally within reach? Here's why PI's price could surprise this week...
After plummeting to $0.40 on April 5th, the PI token showed remarkable resilience. It surged by 84% within a week. Amid a broader market recovery, this altcoin witnessed an increase in demand, giving bulls the opportunity to regain control.
Source: TradingView
The technical indicators of PI are sending bullish signals. Firstly, its Moving Average Convergence Divergence (MACD) indicator generated a buy signal on April 5th, just after hitting its lowest point. The crossover of the blue line (MACD) above the orange line (signal) indicates a resurgence of positive momentum. Moreover, the gradual increase in the size of the MACD histograms reflects a growing demand for this cryptocurrency.
Pi BoP. Source: TradingView
Additionally, PI’s Balance of Power (BoP) indicator shows a positive value of 0.52, reflecting buyers’ dominance over sellers. This relative strength indicator of buyers versus sellers supports the assumption of a resurgence of PI.
The current momentum of PI is unfolding in an ascending parallel channel, a bullish technical pattern characterized by a series of higher highs and higher lows. This pattern signals a sustainable positive trend, with a gradual market control by buyers. Some temporary pullbacks are also noted.
If this bullish trend continues, PI could reach a price of $0.95. However, a trend reversal and a loss of recent gains could bring it back to $0.40, its historical low.
Although the path to the coveted $1 threshold remains uncertain, PI’s current technical indicators suggest a short-term upward potential. Informed investors will have the opportunity to position themselves on this altcoin in full resurgence. If you wish to invest in the Pi Network today, you can use the Weex platform. A welcome offer awaits you.
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
