PI has seen a remarkable rebound since hitting an all-time low of $0.40 on April 5. Amid the overall market recovery last week, the altcoin has seen increased demand, rising 84% from its recent low.

As the bulls attempt to consolidate their market dominance, PI could continue its uptrend in the short term.

PI, ready for bull market after crash

The Moving Average Convergence Divergence (MACD) indicator for PI is showing a bullish signal. On the daily chart, the MACD line (blue) crossed above the signal line (orange) on April 5, indicating a positive change in momentum shortly after bottoming at $0.40.

Additionally, the histogram bars, which reflect the strength of momentum, have been getting bigger over the past few days, highlighting the increasing demand for altcoins.

When the MACD of an asset is set up like this, an upward momentum is formed and the buying force dominates the market. The MACD crossover of the PI is a bullish signal, indicating that the price is likely to rise as buying pressure increases.

Additionally, the positive Balance of Power (BoP) of PI reflects the increasing demand for altcoins. This indicator currently stands at 0.52.

The BoP indicator measures the strength of buyers and sellers in the market, helping to identify momentum changes. When the value is positive, buyers dominate the market and drive new price increases.

$1 per dog again, maybe?

The continued rally of PI has caused the price to move within an ascending parallel channel. This bullish pattern is formed when the price of an asset moves continuously between two upward sloping parallel trend lines.

This indicates a sustained uptrend, allowing for a short-term correction as PI buyers gradually take over the market. If the rally continues, PI could trade at $0.95.

However, if the altcoin reverses its current trend and loses its recent gains, its value could drop to $0.40.