⚡ Pi Network surges strongly, clear regulations drive key EMA breakthrough
Pi Network has risen for the sixth consecutive day, breaking through the 50-day Exponential Moving Average (EMA) by 4% on Thursday.
The European MiCA white paper has increased the demand and market confidence for Pi Network.
The technical outlook is positive, and the rebound momentum is accelerating.
The EU regulation on cryptocurrency markets (MiCA) white paper has driven Pi Network (PI) up by 11% this week. As PI breaks through the 50-day EMA, the technical trend indicates the possibility of a new round of increases.
Pi Network has released compliance documents in accordance with MiCA regulations and is preparing to apply for trading licenses in the EU and the European Economic Area. The core team and founders have not commented on this document, and related content can be found on the Pi Network official website.
As of Thursday, the five major centralized exchanges hold 426,330,000 PI tokens. Since the release of the MiCA white paper, there has been a surge in demand from exchanges, with a net outflow of 1,750,000 PI, indicating strong buyer dominance.
The PI price remains stable above $0.25, with the 50-day EMA at $0.2431. The six-day rebound is close to the September 26 closing price of $0.2643, a significant resistance level at the end of October.
If PI closes above this level on the daily chart, it could confirm a bullish trend, targeting the August 1 low of $0.3220.
The momentum indicators on the daily chart show active buying, with the MACD breaking above the signal line and the green histogram increasing, indicating strengthening bullish momentum.
If it fails to hold above the 50-day EMA, PI may retrace to $0.20, facing dynamic resistance.