As a seasoned crypto investor with a decade of experience under my belt, I have learned to tread cautiously in the ever-volatile world of digital currencies. Pi Network, though intriguing, presents a unique challenge due to its unlisted status on public markets and the existence of IOUs that claim to represent its future value.
2019 saw the birth of Pi Network, but as of now, they haven’t made their token available for public trading. However, platforms such as Huobi and Bitmart list IOU (I Owe You) tokens that supposedly mirror the potential worth of PI in the future.
As a crypto investor, I’ve got to be clear about my Pi holdings. The Pi Network’s official team has made it clear that no exchange listings have been confirmed yet, and these IOUs (Internet Outstanding Units) aren’t officially acknowledged by them either. So, it’s essential to exercise caution and do thorough research before making any decisions related to this cryptocurrency.
Since May 2023, there have been substantial fluctuations in Pi’s (IOU) value. Notably, its price chart shows an ascending support trend line, indicating a gradual increase. However, despite this steady climb, it has consistently encountered resistance at approximately $55, a level that has proven difficult to surpass. Each approach towards this barrier has been met with substantial selling pressure, resulting in a retreat of the price.
In September 2024, the value of Pi dipped below its underlying trendline, hitting a key horizontal support at $30. Following this decline, Pi managed to rebound and move back above its support line. This change is notable as it suggests that Pi might be testing whether it can sustain this level or if further decreases are imminent.
Two crucial technical indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are currently at pivotal points. Specifically, the RSI sits precariously at 50, suggesting an equilibrium between overbought and oversold conditions. At the same time, the MACD is drawing near to a bullish crossover, potentially signaling increased momentum.
Should Pi manage to regain its upward trending boundary, this could signal a bullish outlook, possibly propelling the price towards the $55 resistance mark once more. Conversely, if the price movement is denied at this level, it might dip below the $30 support, potentially slipping further down to values under $20.
The main issue with Pi is the difference between the IOU price and its large token supply. With 100 billion tokens, Pi’s total value would be $3.6 trillion at the current IOU price, which is higher than Bitcoin’s $1.26 trillion market cap. This raises doubts about Pi’s true value when the tokens are officially released.
Over the next few days, Pi’s price trend could be decisive. If it manages to regain its upward trajectory (rising support), it might head towards the resistance level at $55. Conversely, if it gets pushed back, it could potentially drop to around $30 or even $20. The way Pi’s price behaves in this phase will significantly impact the future trajectory of Pi Network’s IOU token.
Caution is advised for traders as the market remains speculative, and the Pi team’s stance towards exchange listings suggests that an official launch of their cryptocurrency has not yet occurred, so it’s best to exercise caution before investing.
Read More
Sorry. No data so far.
2024-10-02 19:00