Pi Network Gains Momentum as Market Cap Surpasses $12.23B

• Pi Coin moves to $1.76 with a market cap of $12.23 billion amid rising market demand.
• The token faces some resistance at $1.9983 as traders wait for a breakout signal.
• Pi Network expands as over 45 million users mine Pi Coins using mobile devices.

Pi Network’s cryptocurrency, Pi Coin (PI), has seen quite a steady rise, pushing its market capitalization to $12.23 billion, making an 8.81% increase. According to data from CoinMarketCap, PI is trading at $1.76 and recorded a 7.30% rise in the last 24 hours, However, the token’s trading volume has declined by 35.02% and is standing at $808.85 million within the same period. The coin has not yet stabilized as it maneuvers between $1.61 and $1.79, thus reflecting market volatility. 

Source: CoinmarketCap

Pi Coin’s Price Action and Market Sentiment

According to analytical data from Tradingview, Pi Coin remains within a descending price channel and faces resistance at $1.9983 and $2.1484. A breakout above $1.9983 could signal bullish momentum, while failure to hold current levels might lead to a decline toward $1.50. The 23.6% Fibonacci retracement level at $1.7675 serves as a critical pivot.

Market sentiment remains bullish, with 91% of votes indicating confidence in PI’s growth, while the other 9% reflect bearish sentiment. Despite its increasing market cap, Pi Coin’s fully diluted valuation (FDV) stands at $176.66B, with a total supply of 100 billion PI. The circulating supply is currently 6.928 billion PI.

The most traded pair, PI/USDT, saw its highest price at $1.78. Its 24-hour trading volume reached $181.805 million, accounting for 62.63% of total activity. Consequently, traders closely monitor Pi’s movement, anticipating a potential breakout from its downward trend.

Technical Indicators and Future Exchange Trends

Pi Coin’s MACD signals bearish momentum, with its line at -0.0104 and the signal line at -0.0903. However, a crossover into positive territory could indicate a reversal. Additionally, the token’s increase to $2.9750 previously marked the 100% Fib level, suggesting a high resistance zone.  

Source: Tradingview

Also, support levels remain around $1.50, while a move beyond $1.9983 could nod towards a bullish reversal. Moreover, as Pi Network continues its expansion, its market position solidifies, making it a crucial asset to watch.  

Related: Pi Network Mainnet Launch: Price Surge and Exchange Listings

Pi Network’s Fundamentals and Growing Ecosystem

Pi Network was founded in 2019 by Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The company is a mobile-first digital asset that enables users to mine the token directly from their smartphones. The project leverages the Stellar Consensus Protocol (SCP), ensuring low-energy transactions and scalability. 

Pi’s ecosystem operates with four user roles: pioneers (daily miners), contributors (security builders), ambassadors (referral-driven network expanders), and node operators (validation software users). Besides, with over 45M active users as of October 2024, the network continues to expand rapidly.

However, the network still faces skepticism concerning adoption as analysts emphasize on the need for a functional mainnet and regulatory clarity. Will Pi Coin’s upcoming open mainnet launch further cement its position among leading cryptocurrencies?

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