Pi Network, introduced in 2019, has yet to officially release its token to the public ๐. However, some platforms like Huobi and Bitmart offer IOU tokens that claim to predict PIโs future value ๐ฐ.
โ ๏ธ 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 ๐ซ.
Since May 2023, Pi (IOU) has experienced notable price fluctuations ๐. It steadily followed an ascending support trend line ๐, but each time the price approached a critical resistance level of $55, strong selling pressure emerged, pulling the price back down โฌ๏ธ.
Fast forward to September 2024, Piโs price broke below its support trend line, plummeting to $30, a key horizontal support level ๐ป. Despite this dip, Pi managed to bounce back above the support line, creating a pivotal moment for its future price trajectory ๐.
๐ Technical Indicators:
- The Relative Strength Index (RSI) stands at 50, signaling a delicate balance โ๏ธ between overbought and oversold levels.
- The Moving Average Convergence Divergence (MACD) is inching towards a bullish crossover, hinting at the potential for increased momentum ๐.
Should Pi reclaim its rising support line, these indicators could turn positive ๐, 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 โ.
A major challenge facing Pi lies in the discrepancy between the IOU price and the networkโs massive token supply ๐. With a supply of 100 billion tokens, Piโs total value at the current IOU price would reach a staggering $3.6 trillion, which is even higher than Bitcoinโs $1.26 trillion market cap ๐ฎ. This raises serious questions about Piโs true market value once the official tokens are released.
In the coming days, Piโs price movements will be crucial ๐ฎ. 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 ๐ฅ.
For now, the market remains speculative ๐, and Pi Networkโs stance on exchange listings suggests traders should tread carefully ๐ง until the official token launch.
