Pi Network aims for the $1 mark: Will Bitcoin's rise to the sky help Pi break through further?

The price of Pi Network has shown signs of recovery in recent days, reaching a two-week high after a notable increase.

However, despite this progress, the development of Pi seems to depend heavily on external factors, especially Bitcoin price volatility. Therefore, its future direction remains closely tied to the performance of the king of cryptocurrencies.

Can Pi Network continue its upward trend?

The Moving Average Convergence Divergence (MACD) indicator shows that although Pi Network’s bullish momentum is starting to weaken, it has not reversed. The indicator remains in positive territory, signaling there is still potential for further upward movement. The current MACD has no crossovers yet, which may indicate that Pi still has room to rise in the short term.

Although the price increase has weakened slightly, the overall outlook for Pi Network remains positive. The current trend still shows enough strength for this altcoin to maintain its upward momentum and push the price higher, especially if market conditions support its development.

! Pi MACD of Pi | Source: TradingViewPi Network shows a strong correlation with Bitcoin, at 0.84. As such, Pi almost closely follows Bitcoin’s fluctuations and has a price trajectory strongly influenced by the performance of the market leader. As BTC holds firmly above $85,000, it could act as a powerful driving force for Pi’s price to grow.

With the current strength of Bitcoin, Pi Network has the potential to undergo a similar surge, especially if BTC continues to record positive price movements. The dependence of Pi on the market performance of Bitcoin is very clear, and any sustainable increase of Bitcoin could correspondingly drive up the value of Pi Network.

! PI Correlation of PI with Bitcoin | Source: TradingView## Price PI target milestone 1 dollar

Pi Network is currently trading at $0.67, up 26% over the past 5 days. To sustain this positive upward momentum, Pi needs to hold firm above the $0.7 support level. A rebound from this support will help continue the rally and possibly test the next resistance at $0.87.

If Pi successfully surpasses $0.87, this could open up opportunities for further gains, with the potential to aim for $1. Market sentiment and the continued strength of Bitcoin will be the driving factors behind the upward momentum, bringing Pi closer to this important target. Breaking through this resistance level will initiate a stronger bullish trend.

Price Analysis of PI Network | Source: TradingViewHowever, if Bitcoin drops, Pi Network may follow suit. A drop below the support level of $0.70 will lead to a test of the $0.60 mark, and a further decline past this point will push the price down to $0.51. This will invalidate the bullish outlook and signal a potential reversal in the price trend of Pi.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.

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Dinh Dinh

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