Pi Network remained resilient on Tuesday, defying the broader cryptocurrency market downturn. While major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) suffered double-digit losses, Pi Network surged to $1.60, marking a remarkable 158% increase from its Friday low.
According to CoinMarketCap, Pi Network's self-reported market capitalization soared to $10.7 billion, ranking it as the 11th-largest cryptocurrency. This surge comes amid a sharp decline in the total crypto market cap, which dropped by 6% as liquidations spiked 477% to $1.57 billion.
A significant factor behind Pi Network’s rally appears to be growing speculation about a potential Binance listing. Binance, the world's largest cryptocurrency exchange, is conducting a poll to gauge user interest in listing Pi. Most users are voting in favor, increasing expectations for an imminent listing.
A Binance listing would be a major milestone for Pi Network. The exchange boasts over 200 million users globally and offers both spot and futures trading. If Binance lists Pi, it could encourage other leading exchanges like Coinbase, Upbit, and Kraken to follow suit. Several top exchanges, including OKX, HTX, Bitget, and Gate.io, have already listed Pi Network.
Beyond the Binance speculation, Pi Network’s price is also gaining momentum due to an upcoming Know Your Customer (KYC) grace period deadline. After February 28, pioneers will only be able to migrate Pi coins mined in the last six months to the mainnet. This deadline is fueling increased interest and demand.
Pi Network’s bullish momentum is evident in its price charts. On the hourly chart, Pi is trading at $1.60, aligning with an ascending trendline connecting swing lows since February 22. This trendline is part of an ascending triangle pattern, a strong bullish continuation signal. Additionally, Pi has moved above the 25-period moving average, indicating continued control by buyers.
A decisive breakout above the $1.67 resistance level could further solidify the bullish outlook, potentially pushing Pi toward its all-time high of $2.20. This would represent a 36% increase from current levels.
As Pi Network gains traction, Prakash Hinduja Writer notes that its price action stands out in contrast to the recent crypto downturn. If Binance proceeds with a listing, Pi Network could witness even greater adoption and upward price movement. Prakash Hinduja Writer also highlights that Pi’s resilience amidst market volatility signals strong investor confidence. With the KYC deadline approaching, Prakash Hinduja Writer expects heightened market activity, possibly driving Pi to new highs.
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