Pi Coin Surges Nearly 80% to New All-Time High Amid Market Controversy
In a remarkable turn of events for the cryptocurrency market, Pi coin (PI) has soared nearly 80% within the last 24 hours, reaching a new all-time high of $2.99. This surge has been accompanied by a significant increase in trading volume, which has surpassed $3.2 billion, according to the latest data from the crypto.news price tracker. As of now, the token is trading at approximately $2.95, demonstrating a stark contrast to its earlier price point of $1.65 during the same trading period.
Market Dynamics
The recent spike in Pi coin’s value comes at a time when many cryptocurrencies are experiencing a downturn. Bitcoin, for instance, has fallen below the $85,000 mark, highlighting Pi coin’s robust performance amidst the wider market decline.
From a technical analysis perspective, Pi coin is exhibiting a neutral to slightly bullish bias. The 5-minute chart indicates that the price is fluctuating around the 9-exponential moving average (EMA), which is currently functioning as both support and resistance. The Relative Strength Index (RSI) reading at 55.60 suggests a neutral momentum, indicating that the asset is neither overbought nor oversold at the moment.
Key price levels for traders to monitor include $3.00, which serves as a resistance point, and $2.90, identified as support. Should Pi coin manage to hold above the 9-EMA, it may push toward the $2.95 to $3.00 range. Conversely, a drop below $2.90 could result in a shift towards a bearish trend.
Controversies Surrounding Pi Network
Despite its impressive valuation and trading activity, Pi Network remains a subject of controversy within the cryptocurrency community. Allegations suggesting that the project operates as a pyramid scheme have been voiced by industry leaders, including Bybit CEO Ben Zhou, who has labeled it a scam. Additionally, questions regarding the unverified circulating supply of Pi coin contribute to skepticism about its sustainability and legitimacy.
This uncertainty has prompted reputable platforms such as CoinMarketCap and CoinGecko to withhold official rankings for Pi coin due to a lack of independent verification, even as the project claims a self-reported market valuation exceeding $17.5 billion.
Potential Binance Listing
Adding to the intrigue, there are circulating rumors about a possible listing of Pi coin on Binance, one of the largest cryptocurrency exchanges globally. On February 17, Binance initiated a community vote to gauge interest in listing Pi coin, with preliminary results indicating a majority of respondents in favor. The voting period is set to conclude today, February 27, at which point Binance will announce its decision on the potential listing.
If Binance approves the listing, it could serve as a significant catalyst for further price movement, potentially enhancing the visibility and credibility of Pi coin in the competitive cryptocurrency landscape.
Conclusion
As Pi coin experiences unprecedented growth amidst a largely declining market, the interplay of technical indicators and unresolved controversies continues to shape its trajectory. Investors and traders will be closely watching developments surrounding the anticipated Binance listing and the ongoing discourse regarding the legitimacy of Pi Network as they navigate this dynamic environment.
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