As Bitcoin Price Gains Strength, the Altcoins Are Also Rising with Flying Colors. Pi Network Tops the Leaderboard of Gainers

As Bitcoin price gains strength, the altcoins are also rising with flying colors. Pi Network tops the leaderboard of gainers with over 56% gains

The price of Pi Network (PI) has soared by more than 56% in the past 24 hours, making it the top gainer on Friday, August 18, as the cryptocurrency market continues to show signs of recovery.

The PI price has risen steadily since breaking out of a horizontal consolidation around $0.55, which brought massive liquidity into the token. Just before the weekly close, the token began a strong upswing, which brought more than 100% gains after breaking the threshold at $0.8. The current trade setup suggests that the PI price could attract further gains, which might push the token up by another 100% in the next few days.

However, the question is whether the price of PI will be able to sustain itself at this level or if it will face another bearish pullback and fall below $1.

As the chart shows, the daily chart of the price of PI suggests that the bulls have broken out and are aiming to recover the lost levels at $1.7, which could clear the way for the price to reach $2.

According to the technicians, the price of PI could be due for a short-term correction as the Relative Strength Index (RSI) has entered overbought territory for the first time since its inception. The last time the RSI entered overbought territory was during the March 2020 crash when the RSI moved above 90.

The price of PI is expected to continue to rise as the bulls are in control of the market. The bulls broke the crucial resistance zone at $0.8, which triggered a sharp rally and pushed the price towards the final resistance zone between $1.71 and $1.77.

The PI price has potential to rise further if it manages to stay above the Fib level of 0.382. The token could then move towards the Fib level of 0.5, which is located at $1.8.

According to the chart, the RSI has reached 87.83, which indicates a possibility of a pullback after it surges above 90. This suggests that the price of PI could eventually enter the price range or may even reach $1.8. The token may consolidate for a while around the range and rise above $2.

Once the price of PI secures above this range, a new all-time high of $3 could follow in the next few days. The price may rise to as high as $3.8 and if the bulls hold the price rally above the range, the bull run may extend to $5 or even higher.