In the last 24 hours token PI has risen 22,97% to $1,90, just 10% below the digital asset’s all-time high of $2,10, which was recorded during its launch on February 20. This is despite the overall decline in the cryptocurrency market, which has seen the total capitalization fall by 2%.
According to technical analysis, PI price is showing strong bullish momentum on the hourly time frame, with the price trading well above the 25-period exponential moving average at $1,64.
If this momentum continues, the next resistance level will be around $2. However, for this to happen, the token price must remain above $1,70 with stable trading volume. If the PI rate starts to fall, the key support levels will be $1,64 and $1,50.
Interestingly, according to the Pi Network project's own data, the token's market capitalization has already exceeded $12 billion, which means PI should be in 11th place in the cryptocurrency ranking by market capitalization. However, it is impossible to verify this information, since it is not available on the Coinmarketcap and CoinGecko websites.
Let us recall that recently Pi Network has regularly faced accusations of creating a financial pyramid. CEO bybit Ben Zhuo openly called the project a scam, and other well-known experts in the crypto community also criticized it.
Binance is currently holding a vote on listing PI on the crypto exchange. The results of the poll will be known after February 27.
