Pi Network, introduced in 2019, has yet to officially release its token to the public 🌍. However, some platforms like Huobi and Bitmart offer IOU tokens that claim to predict PI’s future value 💰.
⚠️ Official Clarification: The Pi Network team has made it clear that no exchange listings have been confirmed, and these IOU tokens are not officially recognized 🚫.
Since May 2023, Pi (IOU) has experienced notable price fluctuations 📊. It steadily followed an ascending support trend line 📈, but each time the price approached a critical resistance level of $55, strong selling pressure emerged, pulling the price back down ⬇️.
Fast forward to September 2024, Pi’s price broke below its support trend line, plummeting to $30, a key horizontal support level 🔻. Despite this dip, Pi managed to bounce back above the support line, creating a pivotal moment for its future price trajectory 🚀.
🔍 Technical Indicators:
- The Relative Strength Index (RSI) stands at 50, signaling a delicate balance ⚖️ between overbought and oversold levels.
- The Moving Average Convergence Divergence (MACD) is inching towards a bullish crossover, hinting at the potential for increased momentum 🔄.
Should Pi reclaim its rising support line, these indicators could turn positive 📈, pushing the price toward the $55 resistance level. On the flip side, if it fails, the price could fall below the $30 support level, with the risk of dropping as low as $20 ❗.
A major challenge facing Pi lies in the discrepancy between the IOU price and the network’s massive token supply 🌐. With a supply of 100 billion tokens, Pi’s total value at the current IOU price would reach a staggering $3.6 trillion, which is even higher than Bitcoin’s $1.26 trillion market cap 😮. This raises serious questions about Pi’s true market value once the official tokens are released.
In the coming days, Pi’s price movements will be crucial 🔮. Whether it can reclaim its support line or faces rejection will likely determine whether it surges toward $55 or drops to $30 or even $20 💥.
For now, the market remains speculative 🔄, and Pi Network’s stance on exchange listings suggests traders should tread carefully 🧐 until the official token launch.
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