Pi Network Breaks with Bitcoin and Maintains Uptrend

A topic of much discussion in the crypto world over the past week has been the price of Pi Network (PI), especially following its recent launch. After its debut last week, the coin initially experienced a dip, but since then, the coin has shown a strong recovery. The price of Pi reached a local peak a few days ago and continues to follow this uptrend, despite a slight correction. The unique mobile phone mining model raises questions about the impact of Pi Coin on the crypto market.

Currently, Pi does not yet have an official listing on major exchanges, leaving its actual value uncertain. Binance and Coinbase have not yet added Pi, and the project is still in the testnet phase. Although the network has millions of users worldwide, full integration with the blockchain has yet to take place.

Nevertheless, Pi Network has built a strong user base, despite the lack of a listing on a major exchange. Currently, about 35 million Pi are being mined via their mobile devices, contributing to the growth of the network. However, concerns remain about the long-term viability of the project and whether it can meet expectations.

Binance recently asked its users to vote on a Pi listing. The vote has now closed with 86% of the votes in favor of the listing. This comes after Orderly and Bitget announced they will offer Pi futures. At the market launch, the coin was priced lower than the unofficial IOU value. The outcome of the Binance poll could determine the next steps of Pi Network in the crypto world.

Price of Pi

The token rose to a record high of $2.98 on February 28 after a strong upward movement, but then fell due to broader market conditions. After last week’s launch, Pi dropped to $0.59, after which it recovered and entered a strong uptrend. The coin broke out of a rising parallel channel and twice tested a support level with long lower wicks.

1. Pi remains a notable player despite the slight correction. The token managed to maintain its upward trend while BTC, ETH, XRP and SOL fell sharply. The price rose by more than 80% in 24 hours on February 26, in contrast to the broader market trend.

At the moment, the Pi price has dropped by 20% in the past four hours to $2.07. The price is now testing the $2.10 support level, which is a crucial zone for buyers. A further drop below this level could potentially push the price towards $1.50 or even $1.00.

A new rally of Pi Coin towards $2.50, $3 or even $5 remains possible as long as the price stays above $2.10. The Relative Strength Index (RSI) is at 46 on the 4-hour chart, indicating a neutral trend.

Currently, there is a debate about the value of the token, as many people have doubts about the authenticity and sustainable future of the project. The simplicity of mining via mobile phones is appreciated, but there are questions about the transparency of the project and its practical applications in the real world. Early investors in Pi Coin are showing increasing interest, hoping for profitable returns.

Recently, Pi Network has made progress with listings on exchanges such as OKX, Bitget, and MEXC. However, the long-term sustainability and future value of the network remain unclear. Investors should be cautious when trading the coin, as the potential of the coin in the crypto market has not yet been fully proven.