With bullish predictions and Pi Network market dynamics in play, investors are keenly observing potential catalysts that could drive Pi crypto value upward.
A Bullish Outlook for Pi Coin Price
The celebration of Pi Day has injected optimism into the Pi Network market. Analysts point to a potential breakout, with notable crypto analyst Bitcoin Buddha forecasting that Pi Coin could soar as high as $10 if listed on the Pi Network Binance exchange. “The Pi community is one of the most dedicated in the crypto space. A Binance listing could push the Pi Coin value between $5 and $10,” Bitcoin Buddha remarked.
The Pi Coin price chart formed an inverted head and shoulder pattern, suggesting a further bullish move ahead. Source: Coinvo via X
Another analyst highlighted a Head and Shoulders pattern, suggesting that Pi Coin could rally to $3.6, surpassing its current ATH of $2.98. This pattern signals a possible parabolic movement, further boosting investor confidence.
Milestones and Progress in Pi Network Mainnet
Since its inception in 2019, Pi Network has focused on community-driven Pi mining and ecosystem growth. The recent launch of its Pi mainnet allowed exchanges like Bitget, OKX, MEXC, and Gate.io to list the Pi Network Coin. However, despite a community vote where 86% favored Binance listing Pi Coin, it remains unlisted on the platform.
Pi Network now mandates 2FA confirmation for Pi wallet verification before migration. Source: SatomedOfficial via X
The project’s implementation of Know Your Customer (KYC) verification and Mainnet migration has been critical in enhancing security and decentralization. However, delays in deadlines, including the extension of the grace period for KYC and migration until March 14, have stirred frustration among users.
Market Sentiment and Potential Risks for Pi Coin Value
While the Pi Day event had caused a 20% rise in the price of Pi Coin before the event, Pi Coin has been volatile and is currently trading at $1.57, a decrease of 9% in the last 24 hours. The bearish sentiment also prevails in the Futures market, where the funding rate indicates more short positions than long positions.
Pi Network Coin price must survive the $1.50 support and break the $1.75 resistance to open the door for further gains. Source: MyCryptoParadise on TradingView
Technical analysis indicators such as the Moving Average Convergence Divergence (MACD) indicate a potential bearish crossover can take place. Without surpassing the downtrend channel, Pi Coin has a chance of falling below the support level of $1.64 to levels such as $1.43 or lower. Alternatively, piercing the resistance of $1.98 can eliminate the bearish forecast and welcome greater breakthroughs.
The Road Ahead for Pi Network Coin
Pi Network’s sixth anniversary marks significant progress, but challenges persist. The anticipation of a Binance listing and the community’s unwavering support provide a foundation for potential growth. However, market dynamics and investor sentiment will ultimately determine whether Pi Coin can achieve a new ATH.
As the Pi Network Coin market watches closely, Pi Network’s next moves will be pivotal in shaping its future trajectory. For those looking to buy Pi Network Coin or monitor the Pi crypto price, staying updated with the latest Pi Network news is essential.
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