Pi Network's Token Surges 51.57% Amid Trade War Challenges

The Pi Network, a cryptocurrency project, has experienced a significant price surge of 51.57% over the past 12 days, despite the broader crypto market facing challenges due to the escalation in the China-US trade war. The Pi token's price has risen from its all-time low of $0.4012 on April 5 to its current value, marking a notable recovery.

However, the Pi Network's price action has not been consistently bullish. Between March 13 and April 4, the Pi token's value degraded from $1.83 to $0.51, creating a bearish descending channel. Despite this, the recent price surge to $0.75 indicates a breakout from the upper trendline, suggesting potential for further gains. The Pi token is currently facing strong resistance at $0.75 and strong support at $0.56.

Technical indicators provide a mixed outlook for the Pi Network. The Money Flow Index shows an increase in buyers, which could act as a safety measure against further decline. Additionally, the Moving Average Convergence Divergence (MACD) has remained positive, indicating a bullish crossover. If the 12 EMA does not crash below the 26 EMA, a rally near $1 is expected.

According to analysts' forecasts, the Pi token's price prediction stands at $0.96, which is equal to 0.786 Fib. In a max bullish scenario, where positive Pi news and a lack of bearish macroeconomics occur, the Pi token could reach as high as $1.40, represented by the golden Fib ratio of 0.618. Conversely, if bearish macroeconomic and internal developments occur, the Pi token's price could fall to $0.41, representing an all-time low.

Despite the recent price surge, the Pi Network's funding rate remains negative, indicating that short positions are dominant. This could lead to a sharp Pi price surge if big investors take the opportunity to short-squeeze these positions, reversing the trend and market sentiment.