- Pi Network price has surged by 22.49% in the last 24 hours despite the bear market.
- The cryptocurrency’s self-reported market cap stands at $12.37B as per CMC data.
The overall crypto market still remains on the bearish end of the spectrum after the recent reroute. The largest cryptocurrency, Bitcoin’s fall to $88,000 has orchestrated this current dip. External reasons include the Bybit hack and other major liquidation cycles. However, the past day has seen specific altcoins beginning to recover.
One particular newly-launched altcoin, the Pi Network has managed to wind through the bearish winds. It has sustained its price surge and has factored in additional increases in the last 24 hours. The cryptocurrency’s daily chart shows a 22.49% rise in the price reaching current trading levels.
In the afternoon hours of February 25, the altcoin was trading at a low of $1. 55. As the day progressed, Pi Network sparked bullish tokens to reach the current level of $1.8. At the time of writing, PI was trading at $1.9019 as per CMC data.
Zooming out, into its weekly chart the cryptocurrency factored in a 10% increase. These price movements and significant surges occur amidst several scam claims being imposed on Pi Network. From this light, it seems peculiar that the altcoin shows significant surges, especially during a bear market.
How is the Pi Coin Surging?
On analyzing its technical indicators, Pi Network’s Exponential Moving Average (EMA) stands below the current price. This indicates the ensuing bull run. Furthermore, its Relative Strength Index (RSI) shows strong buying signals in the market. A value of 70.85 RSI suggests that investors are accumulating the token as per TradingView data.
However, minimum data is available on the coin being traded on the market. Leading data aggregators such as Arkham Intelligence hold no individual investors trading information. This raises further speculations, on its continued surging as the coin is relatively new.
Moreover, the launch of its Open Mainnet still continues to be one of the strong propellants behind Pi Network’s surge. Other altcoins such as Uniswap and Maker have also surged in the last 24 hours.
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