The Pi Network (PI) token is up 6.3% over the past 24 hours, compared to the 1.09% drop Bitcoin (BTC) saw. The crypto market as a whole saw a 1% decrease in market capitalization, which highlights PI’s gains.
On the daily chart, the long-term downtrend has not been reversed. To achieve this, the bulls will need to make new lows. As it stands, the $0.2917 resistance level has repelled their efforts.
A daily close above $0.299 is required to reverse the structure bullishly.
Technical indicators over this period have signaled a shift towards buying pressure. The CMF rose above +0.05 to indicate significant capital inflows.
At the same time, the MACD was advancing towards the zero line and was about to make a bullish crossover.
The shift in buying pressure and momentum is a sign of good health, but it remains to be seen whether the rally can sustain itself.
The shorter time frame PI charts offer hope for a rally beyond $0.20.
The bearish structure (orange) transformed into a bullish structure (green) on the H4 chart on Thursday April 16. Traders plotted a set of Fibonacci retracement levels using the swing move that followed this breakout.
Over the past week, the Pi Network token price has returned to the 78.6% level at $0.1685. The bulls then pushed the trend up from this level.
At press time, the price was once again challenging the local high of $0.189.
If the rally continues, the price could target $0.195 and $0.205 in the near term. Traders already in a long position can use these levels to take profits.
On a one-day time frame, the downtrend from 2025 to early 2026 appears to have stalled over the past couple of months as the market failed to print new long-term lows.
Therefore, the short-term uptrend is in a consolidation phase, meaning investors and traders should look to sell strong instead of expecting extraordinary moves toward $1 or other such high targets.
Final summary
- IP’s current rally still has room to grow and may reach $0.205 in the coming days.
- The daily chart high near $0.30 must be breached to establish a long-term uptrend. Until then, traders can consider the market to be in a consolidation phase.
