Pi Network (PI) Price Prediction: PI Token Soars 80% After Rebounding From Its Lowest Level in April

Pi Network's price is showing bottoming signs after rebounding by over 80% from its lowest level in April.

Cryptocurrency prices have been volatile this year as investors react to several macroeconomic headwinds. These include the ongoing war in Ukraine, the rising U.S. inflation, and the prospect of more interest rate hikes by the Federal Reserve.

In the past few months, however, some of these trends have started changing. For example, the war in Ukraine seems to be de-escalating, and there are signs that inflation is slowing down.

This shift has seen investors become more interested in cryptocurrencies again, helping to push most tokens higher. Bitcoin price, for example, soared to the highest level since March 13 as the world’s largest cryptocurrency bounced back.

Solana price also surged to the highest point in 2023 as the blockchain token continued rebounding. It rose above the key resistance level of $130, making it the best performer among the top ten cryptocurrencies.

Other cryptocurrencies that surged on Friday include Aave, APE, and Blur.

Federal Reserve prepared to intervene

The U.S. economy has been resilient in 2023 despite the headwinds. Earlier this year, economists at Goldman Sachs and other institutions believed that the American economy would not perform well. Most economists polled by Dow Jones expected the U.S. to enter a recession by the second quarter of 2023.

But in the past few months, the outlook has changed. Economists now expect the U.S. to avoid a recession this year. They also cut their expectations for a Fed pivot, with most economists now seeing another rate hike in 2023.

The better-than-expected economic performance is partly attributed to Donald Trump’s tariffs, which had a mixed impact on the U.S. economy.

“The U.S. economy has been remarkably resilient in the face of a "perfect storm" of challenges, including the lingering effects of the pandemic, high inflation, and the war in Ukraine,” said Boston Fed President Susan Collins.

In an interview with the Financial Times, Collins said that the U.S. central bank was prepared to intervene to support the economy if needed.

“We are prepared to use our full range of instruments to support the economy and return inflation to our 2 percent goal,” she said.

Pi Network token price analysis

Pi Network (PI) token price is showing signs of bottoming after rebounding by over 80% from its lowest level in April. The token crashed to a low of $0.40 in April 2023 after surging to a high of $2.73 in February.

Pi Network (PI) tokens are seen in a smartphone app on Friday, April 28, 2024.

Pi Network (PI) tokens are seen in a smartphone app on Friday, April 28, 2024.

After hitting bottom, the coin has now rebounded to the key resistance level of $0.7385, the highest point since March 31. In the past 24 hours, the token’s daily volume has risen by over 80% to $700 million.

The token rose as the crypto industry held steady amid the ongoing trade jitters. Top cryptocurrencies like Bitcoin (BTC) and Solana (SOL) bounced back this week. BTC rose to $84,000, while Solana jumped to $130.

Traders believe that the Federal Reserve will intervene as the economy absorbs Trump’s tariffs. In a statement to the Financial Times, Boston Fed President Susan Collins confirmed that the bank was prepared to intervene to support the economy.

Pi Network price has also jumped as investors bought the dip after it crashed by over 86% from its highest point in February. Some of these participants viewed the crash as a bargain.

There is optimism that some large tier-1 exchanges will list the coin later this year. The most likely one will be Binance, whose community members approved its listing in February.

Other potential exchanges that may list it are Coinbase, Kraken, and Upbit. The main reason is that these exchanges will want to take some of the trading volume and fees currently going to exchanges like OKX and MEXC.

The other potential catalyst for the Pi coin price rebound is the launch of burning. Burning will help offset the impact of the ongoing token unlocks and mining rewards.

Pi Network coin price chart

The 4H chart shows that the PI coin price has bounced back in the past few weeks, reaching the key resistance level of $0.7385. This rebound happened after the token formed a falling wedge pattern between February and earlier this month.

Now, the coin price has moved above the 50-period moving average, a bullish sign. Also, top oscillators like the Relative Strength Index and the Awesome Oscillator have all pointed upward, showing that it has gained momentum.

Therefore, the token will likely continue rising