PI has made an incredible comeback after falling to an all-time low of $0.40 on April 5. In the context of a broader market recovery over the past week, this alternative currency has seen demand return, pushing the price up 84% from its recent low.
With the buyers trying to strengthen their control over the market, PI may extend its upward trend in the short term.
PI Recovery After Incident with Strong Price Increase Setup
The Moving Average Convergence Divergence indicator (MACD) of PI has signaled a bullish trend. On the daily chart, the MACD line (in green) has crossed above the signal line (in orange) on April 5, indicating a positive momentum shift right after hitting a bottom at $0.40.
In addition, the bars on the chart, reflecting the strength of that momentum, have gradually increased in size over the past few days, highlighting the growing demand for altcoins.
When the MACD of an asset is set up this way, bullish momentum is forming and buyers are gaining control. The MACD crossover of PI is a bullish signal, indicating the potential for continued price increases as buying pressure rises.
In addition, the (BoP) active balance of power of PI reflects the growing demand for altcoin. As of the time of writing this article, the indicator is at 0.52.
The BoP indicator measures the strength of buyers compared to sellers in the market, helping to identify changes in momentum. When its value is positive, buyers are dominating the market over sellers and driving new price increases.
Is 1 dollar within reach?
The continuous price increase of PI has caused its price to trend within a gradually rising parallel channel. This bullish pattern is formed when the price of an asset continuously moves between two upward-sloping parallel trend lines.
It signals a sustainable upward trend, with PI buyers gradually gaining control while allowing for short-term pullbacks. If the price increase continues, PI could change hands at $0.95.
However, if this altcoin reverses the current trend and loses its recent gains, its value could fall to $0.40.
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