Pi Network (PI) has made waves in the cryptocurrency realm. The coin hit an all-time high of $2.99 earlier this year on Feb. 26. Although the coin has been around for a few years, its price shot up over the last few months. Despite the bullish breakout, PI’s price has fallen by 53.6% since its February highs.
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Pi Network Plummets Amid Market Correction
PI’s price has fallen 22.1% in the weekly charts and 10.8% in the 14-day charts. Despite the dip, the asset has maintained some gains in the daily charts. PI’s price is up by a mere 0.1% in the last 24 hours.
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The latest market correction comes amid growing global trade tensions. The US has announced sanctions against Mexico, Canada, the European Union, and others. The move has led to a substantial dip in investor confidence. PI and other crypto assets have taken a particularly bad hit.
New All-Time High For The Growing Cryptocurrency
According to CoinCodex, Pi Network (PI) could breakout over the coming weeks. The platform anticipates the asset to hit a new all-time high of $6.54 on Apr. 18. PI’s price will rally by around 370.5% if it hits the $6.54 target. The platform does not anticipate the asset’s price to hold above $6 for long. CoinCodex expects PI’s price to face a correction after hitting $6.54.
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There is also a possibility that PI will not rally as forecasted. Macroeconomic conditions may get in the way of the asset’s rally. Investor confidence is also quite low. The crypto market may not make a positive turn until global economics settles down. A dip in inflation may help the crypto realm. An interest rate cut from the Federal Reserve could also boost investor confidence.
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