Pi has emerged as today’s top market gainer, with its price soaring by nearly 50%. This jump continues a weekly rally of almost 150%, extending the momentum for another day.
The PI token now trades above the $1 mark, a level not seen since March. Technical indicators suggest that this upward momentum could be sustained, hinting at the possibility of further gains in the coming days.
Pi Network Bulls Take Control
An assessment of PI’s Directional Movement Index (DMI) shows its positive directional index (+DI; blue) resting above its negative directional index (—DI; orange). At press time, it stands at an all-time high of 60.96.
This indicates a clear dominance of bullish momentum, with the +DI surpassing the -DI by a significant margin. When an asset’s +DI rests above its -DI in this manner, it suggests that market participants are overwhelmingly favoring buying pressure over selling pressure.
This offers confirmation that PI’s current price surge is backed by significant demand for the altcoin.
Further, PI’s double-digit gains today have pushed its price above the Leading Span A of its Ichimoku Cloud and toward the Leading Span B of the same indicator.
This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. A break above the Leading Span A suggests that PI has overcome significant resistance.
If it breaks above the Leading Span B and sustains its position, it could see more uptrend, attracting increased market interest.
PI Sets New Support at $1.39: Can the Bulls Push it to $1.70?
PI trades at $1.47 at press time, resting above the newly formed support floor at $1.39. If buying pressure grows, this level could strengthen and propel PI’s price to $1.70.
However, this bullish outlook is invalidated if profit-taking resumes. In that case, PI’s value could break below the $1.39 support and fall to $1.01.
If the bulls fail to defend this level, the PI token may extend its decline below $1 to return to its all-time low of $0.40.
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Disclaimer
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