Pi Network has reached a two-week high but is heavily reliant on Bitcoin’s price movements. Positive signals from the MACD indicator suggest further potential for growth, pending Bitcoin’s continued strength. Currently at $0.74, Pi aims for $1, where maintaining support above $0.70 is crucial. A decline in Bitcoin could adversely affect Pi’s price trajectory.
Pi Network has recently demonstrated price recovery, hitting a two-week high after a notable uptrend. However, its future performance is closely tied to external influences, notably Bitcoin’s price movements, which significantly affect Pi’s trajectory in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) indicator signals that while the bullish momentum for Pi Network is subsiding, it has not yet reversed. The positive MACD indicates potential for continued upward movement. Therefore, a bearish crossover is still distant, suggesting Pi may experience further growth in the near term.
Despite a slight decrease in bullish momentum, the overall outlook for Pi Network remains optimistic. Current trends suggest sufficient strength for the altcoin to maintain its upward trajectory, particularly when market conditions are favourable for growth.
Pi Network exhibits a strong correlation with Bitcoin, quantified at 0.84, meaning it closely mirrors Bitcoin’s price movements. With Bitcoin stabilising above $85,000, this condition could catalyse price growth for Pi Network, which often follows Bitcoin’s lead in terms of market performance.
Presently trading at $0.74, Pi Network has appreciated by 26% in the last five days. To sustain this positive trend, it must remain above the support level of $0.70, where a bounce could facilitate a rise towards the resistance level of $0.87. A successful breakthrough of this level could propel Pi towards the $1.00 mark, contingent upon continued positive market sentiment and Bitcoin’s strength.
Conversely, if Bitcoin’s price declines, Pi Network may also experience a downward trend. A breach below the $0.70 support could result in testing the $0.60 level, and further drops could see the price approach $0.51. Such a scenario would undermine the bullish outlook and indicate a potential reversal in Pi’s price trend.
