Pi Network Bull Run Continues Uninterrupted, New All-Time High in the Horizon?

• Pi Network has factored in a significant surge of 19.72% in the last 24 hours
• The altcoin’s daily trading volume surged by 22.18% as per CMC data.

In the last 24 hours, the crypto market has seen a revival in prices after Tuesday’s significant crash. Bitcoin tested a low of $76,000, but is currently trading above the $80K mark. Analysts continue to predict further retraction below $70K after which it is expected to witness the bull cycle.

Amid modest gains, in the past day, Pi Network has yet again taken to the spotlight with significant surges. The altcoin, in the last 24 hours has factored in a price increase of 19.72%. In the afternoon hours of March 11, PI was trading at the $1.3 level

However, as bullish candles sparked it rose to $1.6 levels. At the time of writing, Pi Network was trading at $1.6310 as per CMC data. On the other hand, when inferring its weekly chart, the altcoin shows a significant price drop of 16.66%

Pi Network, 7 days ago, was trading near the $2 mark. After hitting a new ATH of $2.98 at the end of February, the altcoin was expected to reach $5. However, as multiple market crashes occurred, PI seemed to have caved into a brief bearish dominance

Will Pi Network Sustain the Positive Momentum?

On analyzing its recent trading patterns, Pi Network shows an ascending channel pattern. This pattern suggests that the altcoin might witness further upward movements. However, PI’s Moving Average Convergence Divergence (MACD) signal line stands above the MACD line

PI/USDT 4H Price Chart (Source: TradingView*)*This suggests that PI is still on the bearish end and must sustain the positive momentum to return to a bullish trend. Meanwhile, its RSI value stands at 60.17 as per TradingView data. The value indicates that investors hold positive sentiment towards Pi Network despite recent bearish trading patterns

On the other hand, altcoins such as Onyxcoin and PEPE have shown significant bullish momentum in the last 24 hours

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