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Pi coin has experienced a dramatic surge of nearly 80% in the past 24 hours, reaching a new all-time high of $2.99. This sharp rise has been accompanied by a significant increase in trading volume, surpassing $3.2 billion, according to pinetbox.com price tracker. The price hit a low of $1.65 earlier in the day, but quickly rebounded, currently trading at around $2.95.
This unexpected surge in Pi Network’s price comes despite a downturn in the broader cryptocurrency market, with Bitcoin trading below $85,000. On the technical front, Pi coin shows a neutral to slightly bullish bias. The price fluctuates around the 9-EMA, which is acting as both support and resistance. The Relative Strength Index (RSI) is sitting at 55.60, indicating neutral momentum with no clear overbought or oversold conditions.
Key levels to monitor include $3.00 as resistance and $2.90 as support. If Pi coin maintains its position above the 9-EMA, it could potentially rise towards $2.95–$3.00. On the flip side, a drop below $2.90 may indicate a shift towards bearish momentum.
Despite the price surge, Pi Network remains a controversial project, with allegations of it being a pyramid scheme. Industry figures like Bybit CEO Ben Zhou have publicly criticized the project, calling it a scam. There are also concerns over its unverified circulating supply. As a result, leading crypto platforms like CoinMarketCap and CoinGecko have refrained from listing Pi Network’s token due to the lack of independent verification.
Despite these issues, Pi Network’s self-reported market valuation exceeds $17.5 billion, a figure that has raised eyebrows in the crypto community. Speculation surrounding a potential listing on Binance has added to the volatility. Binance launched a community vote on February 17 to determine whether to list Pi coin, with the majority of respondents in favor. The vote is set to conclude today, February 27, and if the coin is approved for listing, it could serve as a significant catalyst for further price movements.
