Pi price skyrockets 51% in 12 days — Can Pi Network rise even more to reach $1.40 soon?

The cryptocurrency market is again in the red because of the escalation in the Sino-US trade war. Therefore, the news about Pi is not very positive today, as the price of the Pi network drops to $0.6069. This marks a 3.5% decrease in daily value for PI tokens. However, if we look at the Pi price over the past 7 days, we can see a growth of 1.56%. In addition, we can also see an increase in Pi price of 51.57% since 12 days ago, April 5. On this day, Pi touched an all-time low of $0.4012, due to the start of Trump's tariffs Can Pi Coin recover from the recent price drop? Moreover, the Pi price prediction shows upside potential when technical indicators give positive signals. However, the Pi price movement is generally not bullish, as we have seen the Pi network price drop significantly. From March 13 to April 4, it was possible to see a decrease in value from $1.83 to $0.51. This decline has created a bearish channel. However, with the price soaring to $0.75, we saw a breakout from the upper trendline. Currently, Pi price movement is meeting stiff resistance at $0.75 and strong support at $0.56. Is Pi Network currently going up or down? Perhaps to recover, the Pi network price needs to recover from the $0.56 support level. In addition, we also have bullish technical signals because the Money Flow Index has attracted more capital, indicating an increase in buyers. Even if this buying pressure does not lead to a bull run, it is a safe haven against further decline. There are also some negative technical indicators, which can lead to a bullish move

According to Chart 1, Pi's funding rate remains negative. This indicator shows that if you have an open position in the derivatives market, you will either benefit or suffer losses. Therefore, when the funding rate is positive, it means that long positions are higher and investors have confidence. However, when short positions are in the majority, it means that the market is likely to fall further. If there are too many short positions, some large investors may take advantage of this opportunity to short these positions. This will create a sharp rally in the price of Pi and reverse the trend as well as market sentiment. Why is Pi Coin likely to rise in price to $1? There are also several other technical indicators pointing to a possible jump to $1. The moving average converging divergence remains positive. This technical indicator, also known as MACD, shows price dynamics by comparison with EMA. This particular MACD result is from comparing 12 EMAs and 26 EMAs. Using these two indicators, we can see a bullish crossover as the 12 EMAs break above the 26 EMAs. If the 12 EMA fails to fall below the 26 EMA, we can expect a rally near $1. The Pi price prediction is $0.9.6, equal to 0.786 Fib. Will the Pi price skyrocket to $1.40 or drop to $0.41? There is also a maximum bullish price forecast when there is positive news about Pi and there is no bearish macroeconomy. The Pi token can reach as high as $1.40, represented by a gold Fib ratio of 0.618. On the other hand, if we see macroeconomic and internal developments bearish, PI price can fall to $0.41. This is an all-time low and not a likely scenario