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Pi Network price is gaining today, April 12, after a staggering 20% rally in the last 24 hours to outperform the broader crypto market. Following these gains, Pi Coin has surged to a weekly high of $0.73 as its market cap soared past $5 billion. As the Pi Network token edges higher, will it sustain the rally and possibly reach $1? Let’s explore.
Pi Network Price Gains 20% in 24 Hours
Pi Network price has outperformed the rest of the crypto market this week with a staggering 40% gain in the last seven days. Several factors are driving this uptrend including market conditions and economic factors.
One of these factors is the recovery across the broader crypto market. At press time, most of the top 10 largest cryptos were trading in the green.
This broader crypto market recovery could support a Pi Network price rally. Such gains may also shift the market sentiment to positive, supporting a strong uptrend for the Pi Network token.
The second factor that will bolster the gains is shifting macro conditions. A recent report by the Financial Times noted that the Federal Reserve was ready to take measures to ensure normality in the financial markets.
If the Fed intervenes with emergency rate cuts, it might bolster a recovery for Pi Network price. Reduced interest rates will free up capital that can be used to buy risk assets such as crypto, which will bode well for the price of Pi Coin.
A previous Coingape article also reported that Pi Coin is gaining utility. This rising utility means that investor confidence in the Pi Network token is rising, which is good for the price.
Pi Network Technical Analysis
Pi Network price has formed a bullish structure and could extend its gains after today’s 20% rally. On the 4-hour chart, Pi Coin had broken out of an ascending triangle pattern, which often shows a bullish continuation. This breakout supports a bullish Pi Network price prediction.
The Relative Strength Index (RSI) on the Pi Network chart has also risen to 75, indicating growing bullish momentum. The upward trend of the RSI further shows that the buying pressure is growing strong.
The MACD indicator also confirms the bullish thesis for Pi Coin price after forming a bullish crossover above the signal line to enter the positive region. The increasing histogram bars further show the onset of buyer activity.
The four-hour price chart shows that Pi Network price might sustain its uptrend in the near term. If the market conditions remain the same where Bitcoin and altcoins are rallying, the token could extend its gains. Additionally, a shift in the US economic climate with a possible Fed rate cut will also bolster gains.
The post Pi Network Price Bounces 20% in 24 Hours – What’s Driving the Rally? appeared first on CoinGape.
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