Pi Network’s price has recently faced a downturn, primarily driven by bearish broader market cues. The altcoin, which once peaked at $3.00, has since fallen below $2.00.
Despite this, the market conditions seem to be improving, offering Pi Network a potential chance for a rebound in the coming days.
PI Network Is Changing Gears
The Relative Strength Index (RSI) has recently reentered the bullish zone, signaling that Pi Network’s bullish momentum is picking up strength. This is a positive indication that the broader market conditions are starting to improve.
As the RSI shows signs of increased strength, Pi Network could be poised for a recovery. This momentum suggests that investor confidence is rising, with many seeing the current dip as an opportunity.
Pi Network has also shown improvement in its macro momentum, especially with technical indicators like the Average Directional Index (ADX). The ADX slipped below the critical threshold of 25.0 in late February and early March, signaling that the previous downtrend was losing strength. This shift is key in providing space for a potential recovery.
Should the ADX breach the 25.0 threshold again during the recovery phase, it would signal the strengthening of an uptrend. This indicates that Pi Network could see further upward momentum, supported by a more favorable macro market environment.
PI Price Has Room For Growth
Pi Network’s price is currently trading at $1.90, just below the $1.98 resistance level. The altcoin is making efforts to break this barrier and reach $2.30. Investor support is strong, with broader market conditions also providing an encouraging backdrop for Pi Network’s price recovery.
Successfully breaching and flipping $2.30 into support is crucial for Pi Network to continue its upward movement. A sustained push through this level would put the altcoin on track to retest its all-time high of $3.00, warranting a 57% rise. Such a move would confirm the uptrend, offering further bullish momentum for the token.
However, if Pi Network fails to breach $1.98, it could fall back toward the $1.64 support level. Losing this support could invalidate the bullish outlook and lead to further losses. This scenario could extend the downtrend, highlighting the importance of maintaining support at $1.64 for a continued recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
