Pi Network’s PI token officially launched on February 20, marking a major milestone for the crypto project. However, the long-awaited launch triggered a wave of sell-offs as early adopters rushed to cash in on their holdings.

The selling pressure triggered a decline in PI’s value, which fell to a low of $0.60 by February 21. Despite the initial crash, PI has rebounded, showing renewed bullish momentum.

PI Soars 173% from Post-Launch Low

PI currently trades at $1.64, noting a 173% hike from its post-launch low. This triple-digit rally has been fueled by the resurgence in demand for the altcoin over the past few days.

A potential Binance listing partly drives this demand. As of February 22, 212,000 votes had been cast on whether PI should be launched on the exchange, with more than 86% in favor. As the voting process nears its conclusion, investors anticipate Binance will list the altcoin, potentially driving its price higher.

PI’s high demand is reflected by its rising Relative Strength Index (RSI). As of this writing, this key momentum indicator, assessed on a four-hour chart, is in an upward trend at 63.40.

An asset’s RSI measures its overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. On the other hand, values under 30 suggest that the asset is oversold and may witness a rebound. 

PI’s RSI reading of 63.40 signals strong bullish momentum. This means that buying pressure outweighs selling activity among market participants, and if the trend continues, the altcoin’s price will continue to grow. 

Moreover, readings from PI’s Balance of Power (BoP) support this bullish outlook. As of this writing, it returns a positive value of 0.41.

The BoP measures the strength of buyers against sellers by analyzing price movements within a given period. As with PI, when the indicator’s value is positive, buyers have more control. This indicates strong upward momentum and hints at the potential for further price gains.

PI Holds Strong Above Trendline: Can It Reach a New High?

PI has traded above an ascending trend line since February 20, confirming the resurgence in the bullish activity around the altcoin.  

When an asset trades above this pattern, it indicates a strong uptrend, with buyers consistently supporting higher prices. If the uptrend persists, PI could breach the $2 price mark to trade at its all-time high of $2.20.

On the other hand, if demand plummets amid a rise in profit-taking activity, this bullish projection will be invalidated. In that scenario, PI’s value could break below $1.60 and fall to $1.34.

Key takeaways

• Ether dipped to the $2,600 region following Bybit’s hack on Friday but now trades above $2,700 per coin. 
• iDEGEN has raised nearly $25 million as presale ends in two days.

ETH could rally higher after dipping on Bybit hack

Ether, the second-largest cryptocurrency by market cap, has been volatile over the past few days. It was trading around $2,850 on Friday before crashing to $2,620 later that day after the crypto exchange Bybit was hacked. 

The hack saw nearly $1.5 billion worth of ETH and stETH wiped from Bybit’s cold storage wallet. However, ETH’s price has slightly recovered since then and could rally higher in the near term. At press time, the price of Ether stands at $2,727, down nearly 2% in the last 24 hours. 

What is iDEGEN?

Bybit’s hack is the biggest in the cryptocurrency market’s history so far, but how the company handled the situation inspired confidence in investors. As investors acknowledge the maturity level of the crypto market, more funds continue to flow into new and exciting projects. 

iDEGEN is one of the projects that has raised millions of dollars from investors. It is a leading memecoin and AI project that would offer massive utility to its users by launching several products and services. iDEGEN has already raised nearly $25 million and will use the funds to develop its products. 

In its whitepaper, the project developers revealed that iDEGEN is a meme project that leverages the benefits of AI to create the next billion-dollar memecoin. It is an AI tool that primarily functions as such. 

The tool continuously evolves and adapts by leveraging community feeds on X. While iDEGEN is powered by AI, degens ultimately raise the tool. The native token, $IDGN, will power all the various activities within the ecosystem. 

The team explained that $IDGN’s launch as a memecoin stems from the recent growth of the meme narrative in the crypto space. The AI and memecoin narratives were the best performers in 2024, delivering thousands of percentages in ROI to investors. 

The iDEGEN token will launch on exchanges in three days, signalling the end of the presale and ushering in the project’s utility phase. With the iDEGEN tool, users can feed their data through tweets, tags, and comments. 

The tool absorbs the post and adds it to its knowledge base; that’s how it learns. In addition, iDEGEN posts on X every 60 minutes and can generate and post memes. 

iDEGEN’s presale nears $25m as listing date approaches

The iDEGEN token will be listed on exchanges starting from the 27th of February as it ushers in its utility phase. As the listing data approaches, the presale is coming to an end in two days, with nearly $25 million raised from investors over the last few weeks. 

In the current stage, the $IDGN token is worth $0.0345, and its price will increase to $0.0380 in the next stage. The next stage will be the final one and will give early investors a massive ROI before the token launches on exchanges. 

Why buy the $IDGN token now?

The iDEGEN presale ends in two days, and the token will start listing on exchanges immediately after that. Despite that, buying $IDGN tokens now could be an excellent opportunity to get in early on the project. 

The project offers a unique value proposition to investors and users thanks to its numerous utilities. While it is a memecoin, iDEGEN will offer various use cases to its community and the broader crypto market. 

With the right level of adoption, its native $IDGN token could gain massive adoption within the iDEGEN and broader crypto ecosystem. This could give early investors excellent ROI in the coming weeks and months.