Share the article:
TLDR
Pi Network's 0,5% price increase in 24 hours reflects mixed sentiment surrounding speculation of a Binance listing and technical signals, which, however, are balanced by lingering concerns about token unlocking and the project's weak fundamentals.
Article content
Estimated reading time: 1 bill
- Speculation about listing on Binance supported speculative purchases even without official confirmation
- Rumors have surfaced again about listing PI on Binance and the community is considering August 15th as a possible date.
- Technical patterns (double bottom, falling wedge) indicate the possibility of a bullish reversal
- Overall market greed (Fear & Greed Index: 67) supported willingness to take risks
- The asset price is around $0,44, which is 85% below its all-time high. Over 404 million tokens are now held on exchanges, signaling increasing selling pressure, although some analysts still expect a rebound towards the $1-$1,50 range.
Is this time real?
Pi Network’s native token is tradable on several well-known cryptocurrency exchanges, including Bitget, Gate.io, and OKX, but giants Binance and Coinbase remain on the sidelines.
The first of them organized In February, the community voted to see if its users wanted to see PI on the platform. Over 85% of voters clicked “yes,” and the community eagerly awaited the latest news from Binance.
Over the past few months, there has been speculation that the exchange will accept the token on Pi Day (March 14) or Pi2Day (June 28). The latest speculation is on August 15, with the community noticing “unusual activity” in Binance hot wallets.
Cryptocurrency advocates would certainly welcome such a move, but some analysts have previously outlined obstacles that could prevent it. Earlier this month, X user Kim H Wong he claimed that the Pi Network blockchain code is not fully open-source, the team has not completed a third-party security audit, and may not have officially applied for listing on an exchange.
More detailed analysis
1. Main catalyst: speculation about listing on Binance
Rumors of a possible listing of Pi on Binance on August 15th gained momentum after users noticed unusual Pi activity in Binance hot wallets (CoinMarketCap). Although nothing has been officially confirmed, this is consistent with the results of a community vote in February, where 85% of voters supported listing PI on an exchange. Historically, a tier-1 listing can trigger a price increase of 100-300% due to the influx of liquidity and increased credibility.
2. Technical context: bullish signals on the chart
- Double bottom formula: formed at $0,4016 with resistance at $1,6693
- Breaking the falling wedge: potential 35% increase to $0,64 if confirmed
- MACD histogram moved for the first time in 2 weeks to a positive value (+0,0035), which signals a weakening of bearish pressure
Trading volume in 24 hours increased by 224% to $92,5 million, confirming increased speculative activity.
Price outlook
Support from the largest cryptocurrency exchange will most likely trigger a significant price increase for PI, which has been one of the worst performing altcoins during this bull run. At the time of writing, the value is hovering around $0,44 (according to CoinGecko data), representing an 85% drop from its all-time high of $3 recorded in February.
Additionally, the growing amount of PI coins stored on cryptocurrency exchanges suggests that the decline could continue in the short term. As CryptoPotato informed On July 22, this number exceeded 400 million and in the following days even more increased to the current 404,4 million.
The shift from self-service management methods to centralized platforms could be considered a bearish element as it increases immediate selling pressure.
On the other hand, some analysts remain optimistic. User X MOON JEFF recently he said, that he bought several PI tokens and expects their price to skyrocket to the $1-$1,50 range.
Conclusion
The slight rise in PI’s price is likely driven by hopes of an IPO and technical traders taking advantage of oversold conditions. However, the token is still 85% down from its February all-time high, and there are now 404 million PI tokens on exchanges (up 1% week-over-week), suggesting hidden selling pressure.
The key question is: Will Binance confirm these speculations before the August unlock of 170 million tokens?
Related articles …
You might also like:
- Free shares worth up to €100 on Trading 212
- Pi Network and “$314,159 Value”: The Biggest Hoax in the Project’s History
- Where to watch, listen and read PiBazar.eu externally
- Pi Network: Technical analysis suggests further growth – but are manipulation concerns justified?
- O2 pods+ Mark II wireless headphones with ANC, black
- MiCA in practice: Distinguishing between "versions", implementation phases and Czech adaptation
- Pi Network: Secret Key – Horizon API Operations
- What are dApps? – in general