Pi Network has defied the broader crypto market downturn, surging 22% in the past 24 hours to trade at just 10% below its all-time high.
Pi Network (PI) price has seen a 22% hike over the last 24 hours, trading at $1.90, according to crypto.news. The 24-hour trading volume has now surpassed $700 million. The current price is a mere 10% shy of PI’s all-time high of $2.10 set on Feb. 20 at its launch. This is despite the broader crypto market downturn, with the total crypto market cap down by 2% and many altcoins posting losses on the 24-hour timeframe, although not as bad as yesterday.
On the technical side, PI’s price is showing strong bullish momentum on the 1-hour timeframe, with the price trading well above the 25-period exponential moving average at $1.64. Before this surge, the price had been consolidating between $1.50 and $1.70 from Feb. 24 to early Feb. 26, with the 25 EMA acting as dynamic support. The breakout from $1.70 was supported by rising volume.
If this momentum continues, the next resistance level is somewhere around $2.00. However, for confirmation of further upside, the price needs to hold above $1.70 with sustained volume. If the price pulls back, $1.64 (25 EMA) and $1.50 are key support levels to keep an eye on.
In addition to its strong price performance, Pi Network’s self-reported market cap has now exceeded $12 billion, which places it among the top 15 cryptos by market cap. However, the lack of independent verification for this market cap has raised concerns, and both Coinmarketcap and CoinGecko have omitted the ranking data.
Apart from the market cap concerns, Pi Network has faced criticisms over it being a pyramid scheme. Ben Zhou, CEO of Bybit, has publicly called the project a scam targeting the elderly.
Moreover, Binance’s consideration to list Pi Network with the recent community vote has drawn criticism from Colin Wu, founder of Wu Blockchain. Wu raised concerns that Binance’s focus on user registration and traffic might compromise its reputation and security, especially with the listing of a controversial project such as Pi Network.
As of Feb.22, Binance updated the results of its recent community vote to list the PI token, confirming that the proposal had 86% support. However, its listing decision is still pending. The Binance’s voting period is set to close tomorrow, on Feb. 27 at 23:59 (UTC). If listed, it’ll likely be the major catalyst for PI’s price over the coming days.
