Valour Pi ETP Stalls, But Pi Coin Gains Bullish Momentum
With minimal market activity, Valour Pi (PI), an exchange-traded product (ETP) designed to monitor Pi Network’s native cryptocurrency, has had difficulty gaining traction. However, Pi Coin is starting to show strength in spite of the ETP’s lack of traction. Thus, as the coin has risen to its highest point this month, optimism of a wider recovery has been bolstered.
Valour PI ETP Struggles on Spotlight, But Pi Coin Price Breaks $0.36
As previously mentioned, the Valour PI ETP debuted on Sweden’s Spotlight Stock Market around the end of August. The ETP, which traded in Swedish kronor and had a 1.9% management fee, was celebrated as a significant step toward Pi Network‘s entry into the conventional financial sector. But more than two weeks after its launch, the project has had trouble attracting investors. Spotlight trading data revealed diminishing volumes, with activity occasionally reducing to a single trade per day. This suggests that the European market is not very enthusiastic.
On the other hand, Pi Coin has regained its momentum. According to the most recent research, a clear break over the resistance level at $0.3469 would pave the door for a rise toward $0.3587. In the meanwhile, a decline below $0.3391 might lead to a retest of its record low of $0.3220. Early Asian trading hours saw PI soar to $0.36, its highest price this month, confirming the optimistic scenario. CoinMarketCap data indicates that Pi Coin saw a daily rise of 3.13%. It was trading at $0.3535 at the time of writing.
Pi Coin Rises Slightly Amidst the Excitement of Token2049
This increasing trend is not a singular occurrence. All of the main cryptocurrencies are up in the wider cryptocurrency market. Furthermore, rising mood regarding altcoin season and excitement surrounding Pi Network’s co-founder’s appearance at Token2049 might be contributing factors to the recent price increases. However, the slight gain is insufficient to stop the overall downward trend at this time.
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