The PI network has defined the recession of the broad crypto market, growing 22% in the last 24 hours to trade below its all -time high only from 10%.
According to Crypto.news, the price of PI Network (PI) has seen a 22% increase in the last 24 hours, trading at $ 1.90. The 24-hour trading volume is now exceeding $ 700 million. The current price is 10% shy of all-time high of a pie of $ 2.10 set on 20 February at its launch. This is despite the recession of the broad crypto market, with the total crypto market cap 2% and several ultcoin is with posting damage on a 24-hour time limit, although not as bad as tomorrow.
On the technical side, the price of the PI is showing a strong boom on the 1-hour time limit, with a good trading at $ 1.64 above the 25-term exponential moving average. Prior to this surge, the price was getting consolidated between $ 1.50 and $ 1.70 by 24 February. In early 26 February, 25 EMA served as dynamic support. The breakout from $ 1.70 was supported by increasing volume.
If this speed is going on, the next resistance level is somewhere around $ 2.00. However, for further confirmation of the reverse, the price needs to be kept above $ 1.70 with a continuous volume. If the price draws back, $ 1.64 (25 EMA) and $ 1.50 are the major support levels for monitoring.
In addition to its strong value performance, the self-reported market cap of the PI network is now exceeding $ 12 billion, which keeps it between the top 15 crypto by the market cap. However, the lack of independent verification for this market cap has raised concerns, and both coinmarketcap and coingcko have abandoned ranking data.
In addition to the concerns of the market cap, the PI network has faced criticisms over the pyramid scheme. Bybit CEO Ben Jhou has publicly called the project targeting the elderly a scam.
In addition, Benance’s idea has been criticized for listing the PI network with recent community votes. Colin WuFounder of Wu Blockchain. Wu expressed concern that User registration and Benance’s focus on traffic could compromise its reputation and safety, especially with the list of a controversial project such as the PI network.
As Feb.22, Binance Update Results of its recent community votes List the pie tokensConfirming that the proposal had 86% support. However, its listing decision is still pending. Binance voting period is fixed Stop tomorrowOn 27 February at 23:59 (UTC). If listed, it will be the major catalyst for the price of PI in the coming days.
