• Pi Network witnessed significant downward movements over the past few weeks after community backlash. 
  • The altcoin’s daily trading volume shows a 66.64% surge as per CMC data.

In the last 24 hours, the crypto market has recovered significantly much to the relief of investors. Leading cryptocurrencies such as Bitcoin have climbed further upwards regaining previous trading levels. On the other hand, in the regulatory end, the SEC has confirmed Paul Atkins as its next Chairperson. 

Notably, one of the leading altcoins, Pi Network, has begun to show signs of recovery over the past two days. The cryptocurrency has factored in a modest price increase of 5.75% in the last 24 hours. Following the previous day’s upward movement, it can be stated that PI is attempting to downscale the past week’s bearish trend. 

Moreover, in the evening hours of April 9, the altcoin was trading at a low of $0.556. After this, it rose to an intra-day high of $0.6521 before correcting to current levels. At the time of writing, PI was trading at $0.5925 as per CMC data . 

Secondly, as aforementioned, the recent bullish candles have scaled down the weekly bearish price performance to an approximate 6% drop. However, the same cannot be claimed for Pi Network’s monthly performance. 

Will Pi Network Reclaim $1 Soon? 

Pi Network faced severe community backlash towards the end of March. This resulted in the altcoin dumping significantly, thus owing to the long-term bearish trend. Its monthly performance stands at a 57% drop due to the recent plunge. 

Is Pi Network Attempting a Comeback After the Past Month’s Significant Setback? image 0 PI/USDT 4H Price Chart (Source: TradingView )

On turning to its technical indicators PI shows potential for recovery. Its bull power value stands at 7.51 as per TradingView data . However, its bear power indicator stands closely at the -8.06 level. If Pi Network sustains current positive momentum it might overpower the bears. 

Secondly, the altcoin’s RSI value stands at 49.73 suggesting an oversold situation. However, it is to be noted here that the value is extremely close to the neutral zone, thus further confirming its window of opportunity. 

Meanwhile, other altcoins such as XRP and Fartcoin have shown similar positive movements in the last 24 hours.  

Highlighted Crypto News Today: 

Onyxcoin (XCN) Soars 39%, Can The Bulls Keep The Momentum Alive?