Pi Network Gains 11% This Week on MiCA Whitepaper
Pi Network (PI) rose 11% this week. The rise follows the release of its new whitepaper on the European Union’s MiCA regulations. Technical indicators show a bullish trend. PI has moved above its 50-day Exponential Moving Average (EMA), signaling a possible breakout.
Pi Network’s MiCA Whitepaper Targets European Market
Pi Network filed a whitepaper addressing MiCA compliance. This document requests permission to trade in the EU and European Economic Area (EEA). It is available on the official Pi Network website, but the core team has not made a formal announcement. The whitepaper mentions a planned listing on OKCoin Europe Ltd (OKX Europe) starting November 28.
Currently, PI is listed on five centralized exchanges (CEXs) holding 426.33 million tokens. After the whitepaper’s release, CEXs saw a net outflow of 1.75 million PI tokens. This suggests strong buying pressure on these platforms.
Pi Network Price Moves Above 50-Day EMA
PI trades near $0.25, above the 50-day EMA at $0.2431. The price is close to reaching $0.2643, a resistance level from late October. A daily close above $0.2643 could confirm a new bullish trend. This may open the way for a move towards $0.3220, a key resistance from August 1.
Technical indicators support this outlook. The MACD shows rising bullish momentum, while the RSI at 62 indicates room to grow before becoming overbought. If PI slips below the 50-day EMA, it might fall back towards $0.20.
