Pi has emerged as a top gainer in the current market scenario, with its price surging by almost 50%. This increase adds to a weekly rally of close to 150%, maintaining the momentum for another day.

The value of the PI token now surpasses the $1 threshold, a level not witnessed since March. Technical analyses indicate that this upward trend may continue, suggesting the potential for further increases in the upcoming days.

An evaluation of the Directional Movement Index (DMI) for PI reveals that its positive directional index (+DI; blue) is positioned higher than its negative directional index (-DI; orange). Currently, the +DI reaches an all-time high of 60.96.

These findings point towards a notable bullish momentum, with the +DI outweighing the -DI considerably. When an asset's +DI is above its -DI in this manner, it signifies a strong preference for buying activity over selling activity among market participants.

This confirmation indicates that the surge in PI's price is being supported by a substantial demand for the altcoin.

In addition, PI's double-digit increase today has driven its price above the Leading Span A of the Ichimoku Cloud indicator and towards the Leading Span B of the same tool.

The Ichimoku Cloud assesses the momentum of an asset's market trends and identifies potential support and resistance levels. A breakthrough above the Leading Span A indicates that PI has conquered major resistance.

In the event that it surpasses the Leading Span B and maintains its position, there is potential for further upward movement, attracting heightened market attention.

Presently trading at $1.47, PI is positioned above the newly established support floor at $1.39. A strengthening of buying pressure could reinforce this level and propel its price to $1.70.

However, this optimistic outlook may change if profit-taking commences. If so, PI's value could dip below the $1.39 support level and decline to $1.01.

Failure by the bulls to uphold this level might result in PI's token value falling below $1, revisiting its all-time low of $0.40.