The crypto market seems to be recovering from yet another dip. Bitcoin (BTC) fell to the $104,000 price level on Oct. 17, but has since reclaimed the $115,000 price point. Pi Coin (Pi Network/PI), in particular, is experiencing quite a price rally. The asset is currently the second-best performing crypto in the daily charts, among the top 100 projects. According to CoinGecko statistics, PI’s price has rallied 17,1% in the last 24 hours, 18.2% in the last week, and 14.7% in the 14-day charts. Despite the rally, PI’s price is still down by 10.1% over the last month. Let’s discuss if PI is finally back on track, or if it will face another correction soon.
What’s Behind Pi Coin’s Price Rally? Will It Sustain?
Pi Coin’s latest price surge could be due to increased inflows amid a market-wide resurgence. Bitcoin (BTC) reclaiming the $115,000 price level may have boosted investor confidence. The rally may have been triggered by the US and China inching closer to reaching a trade deal. The crypto market faced a massive correction after the two countries had a bitter trade dispute.
Another reason for Pi Coin’s price rally could be due to reports of the coin being integrated for cross-border transactions. This could prove to be a big move for the project. Investors could once again begin to pour their capital into the once incredibly popular cryptocurrency.
While the current rally is promising, CoinCodex analysts do not expect Pi Coin’s price rally to continue. The platform anticipates the asset to dip to $0.188 over the coming days and consolidate around those price levels. Falling to $0.188 from current price levels will entail a correction of about 21.99%.
Also Read: Pi Coin Has Crashed 90% Since February: Is the PI Hype Gone?
However, there is also a possibility that the crypto market will maintain its upswing over the coming weeks. Pi Coin may continue rallying under such circumstances. Nonetheless, the market is still quite fragile. Trade wars and macroeconomic factors continue to present substantial challenges.
Credit: Source link
