PI price has dropped 18% in April—but with ADX showing weak trend, bulls might push for a breakout in early May | Credit: Veronica Cestari
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Key Takeaways
The price of PI dropped 18% in April, falling from $0.73 to $0.58 after repeated failures to break resistance.
A recent crossover on the MACD indicator shows bullish momentum returning, suggesting a potential trend reversal.
With an ADX reading of 8.59, the current downtrend lacks strength, allowing bulls to take control.
Since PI, the native coin of the Pi Network, peaked near $3 in February, its price action has been largely bearish, aside from a few short-lived rebounds. As April draws to a close, PI has recorded an 18% monthly decline.
This drop saw the coin fall from $0.73 to $0.58 after repeatedly failing to break through a key resistance level.
However, with May fast approaching, there are signs that the PI coin price could be gearing up for a potential recovery. Here’s why.
PI Performance Likely to Change
Between March 14 and early April, PI’s price traded within a descending channel, resulting in a steep drop from $1.69 to $0.57. In the latter part of April, the coin entered a consolidation phase.
Amid this consolidation, PI’s price fluctuated between $0.55 and $0.73. Despite several attempts, this sideways movement failed to produce a breakout, with bulls largely inactive.
However, with a new month approaching, things seem to be changing. One reason for this sentiment is the Moving Average Convergence Divergence (MACD).
The MACD measures momentum using the difference between two Exponential Moving Averages (EMAs). When the shorter EMA crosses above the longer EMA, it is a bullish crossover.
If it is the other way around, it signifies a bearish outlook. On the daily chart, the MACD has turned positive amid the PI coin price correction and consolidation.
At the same time, the 12 EMA (blue) has crossed over the 26 EMA (orange), indicating a bullish crossover that favors PI’s price.
This position also indicates a bullish divergence when compared with the price. If sustained, PI’s price could erase some of its losses in April within the first few days of May.
PI Price Analysis: Recovery Soon
Another look at the PI/USD daily chart shows that other indicators, including the Average Directional Index (ADX) and the Money Flow Index (MFI), seem to support the recovery.
The ADX, represented in red, measures the strength of a trend, regardless of its direction. A reading above 25 signals a strong directional movement, whether bullish or bearish.
On the other hand, an ADX reading below 25 suggests weak momentum and a lack of clear trend direction. As of this writing, the ADX rating is 8.59, indicating that the PI coin price downtrend has weakened.
Hence, any move by bulls to take control could send the market value soaring. In addition, the MFI appears to be flirting with the neutral line, indicating that some market participants may be buying the dip.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
