Pi Network Has Emerged as Today's Top Market Gainer, Soaring in Price by Nearly 50%

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

The price of Pi (PI) has surged by nearly 50% on Thursday, making it the day's top market gainer. This stellar move continues a weekly rally of almost 150%, extending the momentum for another day.

The PI token now trades above the $1 level, a mark it hasn’t seen since March. Technical indicators suggest that this upward momentum could be sustained, hinting at the possibility of further gains in the coming days.

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 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 favouring 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 towards 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 is currently trading at $1.47. It is now above a newly formed support at $1.39. If the bulls grow this strength, then it could propel the price of PI towards the next resistance at $1.70.

However, this bullish outlook is invalidated if the bears succeed in pushing the price below the $1.39 support. In this case, the next bearish target could be $1.01.

A failure to defend this level may trigger a deeper decline for the PI token, pushing it below the $1 mark to return to its low of $0.40.