Pi Network Surges 22% Amidst Controversy and Market Skepticism
Pi Network’s price increased by 22% in 24 hours, trading at $1.90, despite the wider crypto market decline. Its market cap exceeds $12 billion, ranking it in the top 15 cryptocurrencies. Criticism persists regarding its legitimacy, even as a potential Binance listing looms, with community votes showing strong support.
Pi Network has recently experienced a remarkable surge, increasing in price by 22% within a 24-hour period to reach $1.90. This uplift comes amidst a broader downturn in the cryptocurrency market, which has seen a 2% decline in total market capitalization, further emphasizing the significance of Pi Network’s performance. The trading volume during this period surpassed $700 million, indicating a strong investor interest.
Currently, Pi Network’s price stands just 10% shy of its all-time high of $2.10, achieved shortly after its launch on February 20. Technical analysis reveals that PI is exhibiting bullish momentum, trading considerably above its 25-period exponential moving average at $1.64. Prior to this surge, the price experienced a consolidation phase between $1.50 and $1.70, with a breakout occurring supported by increasing trading volume.
With this ongoing positive momentum, the next resistance level for Pi Network is anticipated around $2.00. To confirm further price increases, it is essential for the price to stabilize above $1.70, backed by sustained trading volume. Should a pullback occur, crucial support levels are identified at $1.64 and $1.50.
Additionally, Pi Network has self-reported a market capitalization exceeding $12 billion, positioning it amongst the top 15 cryptocurrencies. However, concerns regarding the legitimacy of this figure have arisen due to the absence of independent verification, leading platforms like CoinMarketCap and CoinGecko to omit ranking data.
Pi Network has also faced scrutiny, with critics labeling it a pyramid scheme. Mr. Ben Zhou, the CEO of Bybit, has explicitly referred to the project as a scam targeting vulnerable populations such as the elderly.
The potential listing of Pi Network on Binance has also drawn attention. Community voting indicated 86% support for the listing as of February 22, but concerns have been voiced by Colin Wu, the founder of Wu Blockchain, regarding the implications for Binance’s reputation should it proceed with a listing of a contentious project like Pi Network. The voting period runs until February 27, 2023, potentially serving as a catalyst for further price action.
In summary, Pi Network has demonstrated significant price resilience, achieving a 22% increase while navigating market skepticism. With a self-reported market cap of over $12 billion and a voting process underway for a potential Binance listing, the project’s trajectory remains a focal point amid ongoing scrutiny. Stakeholders are advised to monitor price support levels closely as developments unfold in the coming days.
Original Source: crypto.news
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