Pi Network has made a remarkable recovery, defying the broader cryptocurrency market downturn with a 22% price surge in the past 24 hours. Currently trading at $1.90, Pi Network is just 10% below its all-time high of $2.10, set on February 20, shortly after its official launch.
The price jump comes amid a broader crypto market decline, where the total market cap has dropped by 2%, and many altcoins are experiencing losses. Pi Network, however, has managed to buck this trend, with its trading volume surpassing $700 million over the past 24 hours.
Technical Analysis: Bullish Momentum Building
From a technical perspective, Pi Network’s price is showing strong bullish momentum. On the 1-hour chart, Pi is trading well above the 25-period exponential moving average (EMA) at $1.64, which had acted as dynamic support during the consolidation phase from February 24 to 26. The breakout above $1.70 was accompanied by rising volume, signaling potential continuation.
If the upward momentum persists, the next resistance level to watch is around the $2.00 mark. For confirmation of further price increases, Pi Network must maintain its position above $1.70 with sustained trading volume. However, should the price pull back, key support levels to watch are $1.64 (the 25 EMA) and $1.50.
Self-Reported Market Cap: $12 Billion
In addition to the strong price performance, Pi Network’s self-reported market cap has now exceeded $12 billion, placing it among the top 15 cryptocurrencies by market cap. Despite this, concerns have been raised due to the lack of independent verification for its market cap, which has led both CoinMarketCap and CoinGecko to omit Pi Network’s ranking data.
Scam Allegations and Pyramid Scheme Criticism
Pi Network has also faced criticisms over allegations of being a pyramid scheme. Ben Zhou, CEO of crypto exchange Bybit, publicly called the project a scam, claiming it is targeting elderly individuals. This has sparked debates within the crypto community, with some raising red flags over Pi’s business model.
Moreover, Binance’s recent community vote on whether to list Pi Network has drawn additional scrutiny. Colin Wu, founder of Wu Blockchain, expressed concerns that Binance’s focus on user registration and traffic could jeopardize its reputation and security, especially if a controversial project like Pi Network were listed.
Despite these concerns, the community vote to list Pi Network on Binance has garnered 86% support. Binance has yet to make an official decision, though the voting period will close on February 27 at 23:59 (UTC). If Pi Network is listed, it could serve as a major catalyst for the token’s price in the days ahead.
Conclusion
Pi Network’s 22% price surge is a testament to its growing momentum, even in the face of broader market challenges and controversy. While concerns about its market cap and the project’s legitimacy persist, the upcoming Binance listing decision could provide a significant boost to its market performance. However, investors should proceed cautiously, considering the ongoing debates surrounding its model and the lack of independent verification.
