Investors had a hard time last week as the entire crypto market saw a bloodbath. This caused several top cryptos to shed a substantial amount of their values, and Pi Network (PI) price wasn’t an exception, as it declined by 19%. Though there might be several factors at play, a major reason can be US President Donald Trump’s actions and rumors around new tariff laws.
Pi Network Price Crashes: Decoding rumors around Trump’s tariff law
The world is in a dilemma right now as Donald Trump’s new tariff policy is creating buzz all across. Not only has it affected the stock market, but it has also heavily influenced the crypto space.
Santiment recently posted a report that highlighted a few notable developments that took place in the last seven days. Trump earlier had mentioned that the U.S. would put a 10% tax on nearly all products imported from other countries, with even higher taxes for places like China and Europe.
As per the report, on the 7th of April, rumors started to surface about President Trump pausing tariffs for 90 days—except for China. This had a major impact on both the stock market and the crypto market, as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) witnessed price hikes. But this trend didn’t last, as media outlets clarified that their earlier statements were based on inaccurate interpretations, causing the crypto market to crash once again.
On-chain Metric Hints Recovery
Thankfully, after this uncertainty and market volatility, the Pi Network price is showing signs of recovery. PI’s value today is up by 3%, making it trade at $0.5775 with a market capitalization of over $3.95 billion. Ergo, we investigated further to find whether this uptrend will sustain or if it is just a fluke.
Market sentiment around Pi Network turned bearish, which is evident from the sharp decline in its weighted sentiment. Additionally, Pi Network’s trading volume also declined, meaning that investors aren’t actively trading the token.
However, a look at the token’s daily chart told a different story altogether. A falling wedge pattern has formed on Pi Network’s price chart, and at press time, the token’s price is testing the upper trend line resistance. Mentioning Pi Network price prediction, if the token manages to break above that level, then expecting it to reclaim $2 soon won’t be a long shot. A jump above that could open ways for Pi Network to reach $3.
Conclusion
Despite Trump-related tariff rumors shaking investor confidence, the Pi Network price is showing signs of resilience. With a 3% recovery and bullish technical patterns forming, Pi Network might soon regain momentum—Trump’s impact may have triggered decline, but recovery could be underway.
The post Pi Network Price Recovers 3% In 24 Hours, But Is Trump To Blame For Its Weekly Decline? appeared first on CoinGape.
