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- Pi Network faces resistance at $1.5 after dropping 22.1% in a week. A breakout could trigger a rally to $1.8.
- Macroeconomic issues, including U.S. trade sanctions, have hurt investor confidence. A Fed rate cut may boost sentiment.
- CoinCodex predicts PI may hit $6.54 by April 18, but a correction is expected afterward.
The Pi Network (PI) cryptocurrency has caught the attention of traders. After hitting an all-time high of $3, the asset has entered a correction phase. Currently, PI trades at $1.39. Investors are watching closely as the asset struggles against the $1.5 resistance level. If buyers push beyond this threshold, a rally toward $1.8 could follow.
The recent downturn has sparked discussions among market participants. After peaking at $3, Pi Network retraced sharply, dropping to a weekend low of $1.2. Despite this, buyers returned, attempting to reclaim lost ground. The next major test is the $1.5 resistance.
PI’s recent price performance reflects a sharp decline over the past week, with the asset losing 22.1% of its value. Over the last 14 days, the downturn extended to 10.8%, signaling ongoing market struggles. However, in the past 24 hours, PI has shown slight stability, registering a minimal 0.1% uptick, suggesting that buyers are cautiously reentering the market.
Despite the slight daily gain, market sentiment remains uncertain. If buyers fail to push past $1.5, PI could retest lower support levels.
Broader economic factors have played a role in PI’s downturn. The U.S. recently imposed new trade sanctions on Mexico, Canada, and the EU. These moves have rattled investors, leading to reduced confidence in risk assets. Cryptocurrencies, including PI, have felt the pressure.
For PI to regain momentum, macroeconomic stability is key. A drop in inflation or a Federal Reserve interest rate cut could restore optimism in the market.
Bullish Scenario: Can Pi Network Hit $6.54?
According to CoinCodex, Pi Network could surge to $6.54 by April 18, marking a 370.5% rally from its current price. This prediction, however, comes with caution. Even if PI reaches this level, analysts expect a pullback afterward.
Investors should keep an eye on several critical factors that could influence PI’s price movement. A breakout past the $1.5 resistance level could pave the way for a climb toward $1.8. However, broader economic conditions, including global trade disputes and Federal Reserve policy decisions, may shape market sentiment and impact price action. Additionally, without sufficient buying pressure, PI may find it difficult to maintain upward momentum, making market confidence a crucial element in determining its future trajectory.
For now, PI’s fate remains uncertain. Traders must watch resistance levels, macroeconomic trends, and investor sentiment in the coming weeks.
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