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Pi Network Price Soars 10%: What’s Driving Sudden Rally?

11 hours ago
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Pi Network’s native token, PI, has experienced a notable 10% price surge in the past 24 hours. The Pi coin price has gained attention after a week of consolidation, with buyers returning to the market. The price is currently holding steady above $0.24, following a strong bullish trend. 

The crypto market as a whole increased 0.87%, which is an indicator of technical recovery. Bitcoin price has bounced back above $92k, and other currencies such as Ethereum (ETH), Solana (SOL), and XRP are flattening, and the battle between the bullish and the bearish is ongoing, as market sentiment moves.

Here’s Why Pi Network Price is Up Today

Pi Network has experienced a sharp increase in the price of its token following its declaration of adherence to the MiCA rules in the European Union.

This step puts the network in a position to start selling its $PI token on regulated exchanges in the EU and the European Economic Area (EEA), and this is a big leap in its journey towards mainstream.

Pi Network’s Milestone with MiCA Compliance

The network has already presented a whitepaper explaining its compliance with Markets in Crypto-Assets (MiCA) regulation, which will precondition new trading within the region in the future.

Pi Network is built on a layer-one blockchain, which makes use of a Stellar Consensus Protocol and Federated Byzantine Agreement to carry out its network functioning.

Notably, Pi does not have an initial coin offering (ICO), but allocates the tokens via mobile mining and involvement of the users.

As of now, more than 8.2 billion Pi tokens are in circulation, and the maximum supply limit is 100 billion. The environment of Pi enables the participants to perform peer-to-peer transactions, with the use of Pi to purchase and sell goods and services. The network also offers a non-custodial wallet, whereby users have complete control over their tokens and private keys.

In order to maintain the security and avoid fraud, Pi imposes strong Know Your Customer (KYC) and Know Your Business (KYB) conditions. Pi Foundation is a project managed in Cayman Islands, whereas SocialChain is based in the US.

By exchanges that are compliant with MiCA, such as OKX in the EU, trading Pi will become accessible, so the liquidity of the token is likely to increase. But the tokens that Pi have does not come with any ownership rights, voting power, or dividends.

This new development has been perceived as a significant breakthrough for Pi Network as it still focuses on sustainability, security, and user control in its ecosystem.

How High Can Pi Network Price Go In November?

Pi coin price soared to $0.2441, marking a strong surge. The price is now forming an ascending channel, indicating continued bullish momentum. 

Immediate targets for Pi coin are $0.26 and $0.28, with a potential reach for $0.30 if the uptrend holds, as the Pi price outlook for long term is bright.

Pi Network Price Soars 10%: What’s Driving Sudden Rally?Pi Network Price Soars 10%: What’s Driving Sudden Rally?
Source: PI/USD 4-hour chart: Tradingview

The Relative Strength Index (RSI) is 64, which implies that the market is approaching the field of overbought but may continue to expand.

The Moving Average Convergence Divergence (MACD) is also positive, with the MACD line above the signal line, indicating that it has a continued buying pressure.

Source: https://coingape.com/markets/pi-network-price-soars-10-whats-driving-sudden-rally/