PI Network : An Unexpected Comeback
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.
Towards the Mythical $1 Threshold ?
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.
