After plunging to an all-time low of $0.40 on April 5, Pi Network has mounted an impressive recovery, gaining 84% in just one week. The sudden rebound comes amid a broader crypto market upswing, breathing new life into PI’s outlook and prompting renewed speculation about a potential return to the $1 mark.
The recovery has been underpinned by a wave of bullish technical signals. Among the most notable is the recent crossover on the Moving Average Convergence Divergence (MACD) indicator, where the MACD line moved above the signal line. This shift, which occurred the same day PI bottomed out, typically indicates that momentum is swinging back in favor of the bulls. Over the days that followed, the histogram bars—used to measure the strength of that momentum—have been growing steadily. This kind of setup often signals that buying pressure is accelerating.
Alongside the MACD shift, another key indicator—the Balance of Power (BoP)—has moved into positive territory. With a current reading of 0.52, the BoP reflects growing buyer dominance in the market. The indicator essentially captures whether bulls or bears have control, and a positive reading reinforces the narrative of increasing demand. In market cycles where both MACD and BoP align to the upside, traders often interpret it as a strong buy signal, at least in the short term.
Technical patterns are also giving traders reasons for optimism. PI is now trading within an ascending parallel channel, a formation that suggests a steady uptrend. When a token moves consistently between two upward-sloping trendlines, it indicates that buyers are gradually gaining control, even as occasional pullbacks occur. This kind of structure allows for breathing room in price action without necessarily breaking the bullish setup.
If momentum continues on its current trajectory, analysts believe PI could reach as high as $0.95 in the near term. That level is just shy of the psychological milestone of $1, which many see as a key resistance point. A successful retest or breach of the $1 mark could further fuel investor confidence, potentially opening the door for even greater gains.
Still, caution remains warranted. The rally, while strong, is built atop a recent history of sharp volatility. Should bullish sentiment wane or broader market conditions sour, the altcoin could retreat once again to its $0.40 support. That level, which served as the recent bottom, now stands as a critical line in the sand. A breakdown from there could reset the bullish narrative and invite renewed selling pressure.
For now, Pi Network appears to be on firmer ground, buoyed by favorable indicators and recovering market sentiment. Whether it can sustain this upward momentum remains to be seen, but for the first time in weeks, the bulls seem to be back in control.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist