Pi Network's native cryptocurrency, PI, is gaining traction once more after a significant price drop.

Since hitting an all-time high of $2.99 on February 26, PI has fallen by almost 80%, but it's now looking like it's coming back to life.

The Pi Network’s native cryptocurrency, PI, is gaining traction once again following a substantial price decline.

Since reaching a high point of $2.99 on February 26, PI has decreased by almost 80%, but it now appears to be recovering. Technical indicators suggest a potential 50% rise in the near future, and recent price movements indicate the coin might be preparing for a positive shift.

Amid this development, the Pi Network has shared updated tokenomic details, highlighting its long-term vision. According to the 2021 Whitepaper and recent updates, the maximum supply of Pi tokens is set at 100 billion.

Of this, 65% is dedicated to community mining, 10% to the foundation, 5% for liquidity, and 20% to the Core Team. These allocations adjust proportionally with user migrations, maintaining the ratios over time.

On April 17, the price of PI broke through a key resistance level, effectively reversing the decline that began in early March. This increase was followed by a bullish indicator, typically associated with trend reversals, known as the “rounding bottom” pattern on the daily chart.

This optimism is further supported by the Money Flow Index (MFI), which has risen to 67.47, showing an escalation in buying activity. If this continues, the PI might break above the 20-day EMA, potentially leading to higher prices.

The MACD indicator has also transitioned into positive territory. This signifies that the 12-day EMA has crossed over the 26-day EMA, a standard bullish signal. If this trend persists, PI may rise by 50%, potentially reaching around $0.96, which also corresponds to a key Fibonacci retracement level (0.786).

However, traders should proceed with caution. If the momentum stalls or the EMAs shift back into a bearish position, PI could decline to $0.40.

The renewed price strength, transparent tokenomics, and escalating community activity may contribute to a short-term rally. Despite the remaining risks, especially in this volatile market, most Pioneers and traders are closely watching to see if PI can achieve the bullish technical setup.