Can Pi Network extend 6% rally and reclaim $0.30 next? Examining…
The current PI rally measured over 6% in the past 24 hours and can extend another 3.5% to 8.5% higher.
Pi Network [PI] token was up 6.3% in the past 24 hours, compared to the 1.09% slump Bitcoin [BTC] witnessed. The crypto market as a whole saw a 1% decrease in its market cap, making PI’s gains stand out.
On the 1-day chart, the bearish long-term trend has not been overthrown. To achieve this, the bulls will need to make new swing lows. As things stand, the $0.2917 resistance level has rebuffed their efforts.
A daily session close above $0.299 is needed to flip the structure bullishly.
The technical indicators on this timeframe signaled a shift toward buying pressure. The CMF climbed back above +0.05 to indicate sizeable capital inflows.
At the same time, the MACD advanced toward the zero line and was about to make a bullish crossover.
The changing buyer pressure and momentum were a healthy sign, but it remains to be seen if the rally can sustain itself.
The lower timeframe PI charts give hope for a rally beyond $0.20
The bearish structure (orange) broke into a bullish structure (green) on the H4 chart on Thursday, the 16th of April. Traders plotted a set of Fibonacci retracement levels using the swing move that followed this break.
Over the past week, the Pi Network token price retraced to the 78.6% level at $0.1685. Bulls then pushed the trend higher from that level.
At press time, the price challenged the local high at $0.189 again.
If the rally continues, the price could target $0.195 and $0.205 in the short term. Traders already in long positions can use these levels to take profits.
On the 1-day timeframe, the downtrend from 2025 into early 2026 appears to have stalled over the past two months, as the market failed to print new long-term swing lows.
Therefore, the short-term uptrend comes within a consolidation phase, which means that investors and traders should be looking to sell into strength instead of expecting extraordinary moves toward $1 or other such lofty targets.
Final Summary
- The current PI rally has some more space to grow and can reach $0.205 in the coming days.
- The swing high on the 1-day chart near $0.30 needs to be breached to establish a long-term uptrend. Until then, traders can consider the market to be in a consolidation phase.
