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Altcoin Pi Network has withstood the overall crypto market downturn, surging 22% in the past 24 hours, with the trading price only 10% lower than the historical high.
According to crypto.news, the price of Pi Network has risen 22% in the past 24 hours, with a trading price of $1.90. The 24-hour trading volume has now exceeded $700 million. The current price is only 10% lower than the historical high of $2.10 set when PI was launched on February 20. Although the crypto market is generally sluggish, with the total crypto market cap down 2% and many Altcoins posting losses in the past 24 hours, the situation is not as bad as yesterday.
From a technical perspective, PI's price has shown a strong bullish trend within a 1-hour time frame, with the price well above the 25-period exponential moving average of $1.64. Prior to this, the price had been consolidating between $1.50 and $1.70 from February 24 to the early part of February 26, with the 25 EMA acting as dynamic support. The breakout from $1.70 was supported by an increase in trading volume.
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If this momentum continues, the next resistance level will be around $2.00. However, to confirm further upside, the price needs to hold above $1.70 and maintain trading volume. If the price retreats, $1.64 (25 EMA) and $1.50 are the key support levels to watch.
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. However, this market cap lacks independent verification, raising concerns, as Coinmarketcap and CoinGecko have omitted the ranking data.
In addition to the market cap issue, Pi Network has also been criticized as a Ponzi scheme. Bybit CEO Ben Zhou publicly called the project a scam targeting the elderly.
Furthermore, Binance's consideration of listing Pi Network in its recent community vote has also drawn criticism from Wu Blockchain founder Wu Blockchain. Wu Blockchain is concerned that Binance's focus on user registration and traffic may harm its reputation and security, especially when listing a controversial project like Pi Network.
As of February 22, Binance has updated the results of its recent community vote to list the PI token, confirming that the proposal received 86% support. However, its listing decision is still not finalized. Binance's voting period will end tomorrow, February 27, at 23:59 (UTC). If listed, it is likely to be a major catalyst for the PI price in the coming days.
