Pi has become today's market leader in growth, with its price rising nearly 50%. This increase continues a weekly rally of nearly 150%, sustaining the momentum for another day.
The PI token is currently trading above the $1 mark, a level that hasn't been seen since March. Technical indicators suggest that this bullish momentum may be sustained, hinting at the possibility of further growth in the coming days.
The bullish trend of the Pi Network is gaining momentum
The Directional Movement Index (DMI) evaluation for PI shows that its positive directional index (+DI; blue) is above the negative directional index (—DI; orange). At the time of publication, it reached a historic high of 60.96. This indicates a clear dominance of bullish momentum, as +DI significantly exceeds -DI. When the +DI of an asset is above the -DI in this way, it suggests that market participants predominantly favor buying pressure over selling.
This confirms that the current price increase of PI is supported by significant demand for the altcoin.
Moreover, today's double-digit rise in PI has pushed its price above the leading span A of its Ichimoku cloud and brought it closer to the leading span B of the same indicator. This indicator tracks the momentum of the asset's market trends and identifies potential support/resistance levels. A breakout above the leading span A indicates that PI has overcome significant resistance.
If it breaks above the leading span B and maintains its position, this could lead to further increases, attracting heightened market interest.
PI sets a new support level at $1.39: can the 'bulls' push it to $1.70?
PI is trading at $1.47 at the time of publication, above the newly established support floor at $1.39. If buying pressure increases, this level may strengthen and push the price of PI to $1.70.
However, this bullish forecast will be invalidated if profit-taking resumes. In that case, the value of PI could break support at $1.39 and fall to $1.01. If the bulls fail to defend this level, the PI token could continue its decline below $1, returning to its historic low of $0.40.#BinanceSquare #NewsTrade #StrategyTrade #Binance #crypto $ETH
