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Date: 2025-02-27 05:55:10
The Pi coin has seen a nearly 80% rise in the past 24 hours, hitting a new all-time high of $2.99.
The surge in Pi Network's (PI) value coincides with a significant increase in 24-hour trading volume, which has exceeded $3.2 billion, as per data from the crypto.news price tracker.
Currently, the token is valued at $2.95, after having traded as low as $1.65 in the same 24-hour period. This increase goes against the ongoing decline in the broader cryptocurrency market, with Bitcoin falling below $85,000.
From a technical perspective, PI is displaying a neutral to slightly bullish bias. The 5-minute chart shows price fluctuations around the 9-EMA, which is serving as both support and resistance. The RSI (14) at 55.60 indicates neutral momentum, with no overbought or oversold conditions present.
Crucial levels to monitor include $3.00 as resistance and $2.90 as support. Maintaining above the 9-EMA could propel PI towards $2.95-$3.00, while a decline below $2.90 might shift the momentum towards bearish.
Read More: "Analyst Predicts Bitcoin's Tuesday Crash Marked its Low Point"
Despite its growing valuation, Pi Network remains a subject of controversy due to allegations of it being a pyramid scheme. Industry leaders, including Bybit CEO Ben Zhou, have criticized the project, labeling it a scam. Concerns have also been raised about its unverified circulating supply.
Due to the lack of independent verification, major platforms such as CoinMarketCap and CoinGecko have refrained from providing official rankings, despite Pi Network's self-reported market valuation exceeding $17.5 billion. Meanwhile, more volatility is expected due to rumors of a potential listing on Binance.
On February 17, Binance initiated a community vote on whether to list PI, with the majority of respondents favoring it. The vote is expected to conclude today, February 27, after which the exchange will confirm whether or not it will list the token. If approved, it could serve as a major catalyst for further price movement.
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