As Bitcoin price gains strength, the altcoins are also rising with flying colors. Pi Network tops the leaderboard of gainers with over 56% gains in the past 24 hours, with a 100% jump in the past couple of days. The price continues to maintain a steep upswing and marks highs above $1.67 in the early trading hours, which suggests a new ATH could be on the horizon.
The PI price has been consistently rising after rising from the horizontal consolidation around $0.55, which attracted massive liquidity onto the token. Just before the weekly close, the token initiated a strong upswing, which attracted over 100% gains after surpassing the threshold below $0.8. The current trade setup suggests the PI price is expected to attract more gains, which could push the token up by another 100% in the next few days.
But the question arises whether the Pi price can sustain above the gains or face another bearish pullback below $1.
The daily chart of Pi price suggests the bulls have broken out and are aiming to reclaim the lost levels above $1.7, which could clear the path towards $2. Meanwhile, the technicians point towards a short-term correction as the RSI has entered the overbought range for the first time since its inception. Moreover, the CMF, which was surging, has displayed a bearish divergence, indicating a halt in the money flow onto the platform. The drop in buying pressure could hinder the progress of the rally, preventing it from surpassing the resistance zone between $1.71 and $1.77, which is the final threshold before the highs.
As the RSI has reached 87.83, which indicates a possibility of a pullback after it surges above 90. Therefore, it suggests the Pi price 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 Pi price secures above this range, a new ATH above $3 could follow in the next couple of days. The price may rise to as high as $3.8 and if the bulls hold the Pi Network price rally above the range, the bull run may extend to $5 or even higher.
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