Top reasons why the Pi Network price has surged by 50%

Pi Coin price chart

The daily timeframe chart shows that the Pi Network price bottomed at $0.1300 this month and has rebounded in the past few days. It has rebounded to a high of $0.1965, its highest level since January 19.

The token has jumped above the key resistance level at $0.1522, its lowest level on October 10 last year. It formed a double-bottom pattern at that level. It also rebounded after becoming oversold.

The coin has now formed a three white soldiers pattern, which is made up of three consecutive bullish candles. It has moved above the 50-day Exponential Moving Average, a sign that bulls are in control.

Therefore, the most likely scenario is where the token continues rising as bulls target the key resistance level at $0.2166, its highest swing in December last year. A move above that level will point to more gains, potentially to the psychological level at $0.2500.

The risk, however, that the ongoing rebound could be a dead-cat bounce, where an asset in a freefall rebounds and then resumes the downtrend.