Pi Network shows strong recovery signs with a 10% surge | Credit: Hameem Sarwar
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Key Takeaways
Pi Network’s price has surged 10% and recovered from an all-time low of $0.34.
The CMF and MFI confirm a rise in buying volume, signaling market accumulation.
A bullish crossover supports the potential for a continued price uptrend in the short term.
The Pi Network (PI) price is bouncing back strongly, showing clear signs of a sustained recovery two days after hitting an all-time low. On August 6, PI’s price struggled to maintain key support levels, dipping to $0.34.
Fast forward to today, and the altcoin has surged 10%, currently trading at $0.38. This analysis dives into the driving factors behind the rebound and reveals what could be next for PI’s price.
PI Was Down, Not Out
On the 4-hour chart, PI’s price has surged past the upper trendline of a descending channel. This breakout comes after a change in market sentiment, flipping from bearish to bullish.
The price action is further fueled by intense buying pressure, confirmed by key indicators. Notably, the Chaikin Money Flow (CMF) has surged above the zero line for the first time since last weekend, indicating increased accumulation.
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Apart from the CMF, the Money Flow Index (MFI) also confirms the rise in buying volume. On Tuesday, Aug. 5, the MFI reading was below 20.
That indicated that PI was oversold. However, the same indicator has risen to 81.31 as of this writing.
This implies that some market participants took advantage of the decline to its all-time low to buy the dip. Should this buying pressure increase, the Pi Network price might break the resistance at $0.40 and $0.47.
In addition, the Moving Average Convergence Divergence (MACD) has also formed a bullish crossover, marking the first time this has occurred since last Sunday.
A bullish MACD crossover occurs when the shorter-term Exponential Moving Average (EMA) rises above the longer-term moving average. In this case, the 12 EMA (blue) crossed over the 26 EMA (orange).
This could lead to a continuation of the upward trend for the Pi Network price, especially if sustained buying pressure continues to follow the crossover.
On the daily chart, the Pi Network price is testing the resistance trendline. As the price approaches this key resistance level, the Awesome Oscillator (AO) has flashed two consecutive green histogram bars, adding a bullish layer to the overall technical picture.
The AO is a momentum indicator that highlights changes in market sentiment. When this indicator shows consecutive green bars, it typically points to strengthening bullish momentum, supporting the idea that the price could break through the resistance trendline.
Should this trend remain the same, PI’s price might rise toward $0.95. If validated, this could open the door to a bounce to $1.34 as long as sellers do not take over.
Alternatively, if the demand for PI coin drops, this prediction might not happen. In that scenario, the Pi Network price might slide to a new all-time low.
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.
