Pi Network Aims for $1 Amid Two-Week High: Will Bitcoin’s Strength Carry it Further?

Pi Network’s price has shown signs of recovery in recent days, reaching a two-week high after a notable uptrend. 

However, despite this progress, the cryptocurrency’s growth appears heavily dependent on external factors, particularly Bitcoin’s price movements. As a result, its future direction remains closely tied to the crypto king’s performance.

Pi Network Could Keep The Uptrend Going

The Moving Average Convergence Divergence (MACD) indicator suggests that while Pi Network’s bullish momentum is beginning to fade, it has not yet reversed course. The indicator remains in positive territory, signaling that there is still potential for continued upward movement. The MACD is far from a bearish crossover, which could suggest that Pi still has room to rise in the short term.

Despite a slight weakening in bullish momentum, the overall outlook for Pi Network remains positive. The current trend still shows that there is enough strength for the altcoin to maintain its uptrend and push higher, particularly if market conditions support its growth. 

PI Network MACD. Source: TradingView

Pi Network has shown a strong correlation with Bitcoin, standing at 0.84. This suggests that Pi closely follows the movements of Bitcoin, with its price trajectory highly influenced by the performance of the crypto market leader. As Bitcoin holds steady above $85,000, it could act as a strong catalyst for Pi’s price growth.

Given Bitcoin’s ongoing strength, Pi Network has the potential to experience a similar upward movement, especially if BTC continues to see positive price action. Pi’s dependence on Bitcoin’s market performance is evident, and any sustained rise in Bitcoin could trigger a corresponding rise in Pi Network’s value.

PI Network Correlation To Bitcoin. Source: TradingView

PI Price is Aiming At $1

Pi Network is currently trading at $0.74, up by 26% over the past five days. To maintain this positive momentum, Pi must hold above the $0.70 support level. A bounce off this level would allow the altcoin to continue its rise and potentially test the next resistance level at $0.87.

If Pi successfully breaches $0.87, it could open the door for further gains, with a potential move toward $1.00. The market sentiment and Bitcoin’s continued strength could fuel this upward momentum, bringing Pi closer to its key target. A break above this resistance would signify the start of a more substantial rally.

PI Network Price Analysis. Source: TradingView

However, should Bitcoin experience a decline, Pi Network may follow suit. A drop through the $0.70 support level could lead Pi to test the $0.60 mark, and a further fall through this point would likely bring the price down to $0.51. This would invalidate the bullish outlook and signal a potential reversal in Pi’s price trend.