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Is Pi Network about to explode? GCV controversy heats up, technical indicators suggest prices may soar.
The Global Consensus Value (GCV) of Pi Network (PI) has recently sparked intense debate within the community, with one side arguing that 314.159 USD/PI is a symbolic Benchmark for ecosystem transactions, while the other side criticizes the figure as baseless and a marketing gimmick. Despite the price being under pressure since its launch in February, technical indicators suggest that PI may be brewing a big pump.
GCV Controversy: Symbolic Value or Market Illusion?
* Supporting Party's Viewpoint
GCV supporters believe that this value has been adopted in some Pi ecosystem transactions and services, and is associated with the dual value mechanism of the GitHub API.
They believe that in the future, some financial institutions and payment applications will use GCV as the benchmark to handle PI transactions, establishing value overlap between "pure PI" and PI purchased on exchanges.
* Opposing Viewpoint
Critics argue that GCV is a marketing illusion that misleads users into having unrealistic expectations about prices.
They showcased unofficial custom code on GitHub, proving that the value is not part of the PI core protocol.
Recently, the price of PI has continued to be sluggish, further intensifying doubts about reliance on symbolic value.
Technical analysis releases bullish signals
(Source: Trading View)
Despite ongoing controversy, technical analysis shows that PI may be approaching a breakthrough:
Double bottom pattern: A double bottom forms at $0.40, with the neckline at $1.66. If it breaks through, the potential for a pump is as high as 154%.
Descending wedge: A large descending wedge pattern gradually converges, usually signaling a bullish breakout.
Technical indicators: RSI rose from 19.7 to 52, and PPO showed a bullish crossover, indicating a warming of buying pressure.
Possible catalysts for PI surge
Market environment: The overall cryptocurrency market rebound driven by Bitcoin may provide external momentum for PI.
Exchange Listing: If PI is listed on a large CEX exchange, it will significantly enhance liquidity and exposure.
Decentralization progress: The development team is advancing network decentralization and token sales, which may attract more investors.
Conclusion
Although the GCV controversy of Pi Network is unlikely to settle in the short term, the technical aspects and potential positive catalysts indicate that the PI token may be on the verge of a significant trend reversal. For investors optimistic about this project, the next few days to weeks could be a key observation period. For more real-time market updates and in-depth analysis, please follow the official Gate platform.