Pi Network
Red Alert For Pi Network Price As A Risky Pattern Forms
Pi Network price has been in a downward trend in the past week as hopes of the mainnet launch happening this year faded. The Pi coin has now formed a high-risk chart pattern that could lead to more downside.
Pi Network Price Analysis: Bearish Pennant Forms
The Pi Coin IoU price could be on the cusp of a strong bearish breakdown after forming two risky chart patterns. It formed a near double-top pattern around the resistance level at $92. This pattern is made up of twin peaks and is often a popular sign of more downside.
Pi Network has now formed a bearish pennant pattern, which is characterized by a long vertical line and a triangle-like pattern. This symmetrical triangle has formed well and is slowly bearing its confluence level. A bearish breakout typically happens when the two lines of the triangle are about to converge.
Worse, Pi Network has also moved slightly below the 50-day Exponential Moving Average, while the MACD indicator has dropped below the zero line.
Therefore, a drop below the ascending trendline that connects the key down-swings since September, will point to more downside. If this happens, Pi Network price will drop to $37, its lowest level on October 15, and 30% below the current level.
Conversely, a move above the important resistance level at $57.5 will invalidate the bearish view. This is the upper side of the pennant’s triangle. A bullish case would be supported by the fact that Pi coin price remains above the ascending trendline.
Also, the last strong uptick in November happened after it spent a few weeks in a consolidation. Therefore, if this breakout happens, the coin could jump to about $73, the 61.8% retracement level.
Pi Coin Mainnet Launch
A likely reason why the Pi Network price may have a bearish breakout is that the mainnet launch may not happen this month as expected.
In a statement during the weekend, the developers postponed the grace period for the KYC verification from November 30 to December 31. With this postponement, it means that the transit from the enclosed mainnet to a full mainnet.
The mainnet launch is important because it will let pioneers convert their Pi coins them into fiat currencies. It is impossible to convert these coins into cash during the enclosed mainnet period. The general view is that the Pi Network IoU will rise ahead of the mainnet launch.
To be clear: this IoU is not affiliated with the main Pi Network team and is only listed in HTX. It is, nonetheless, used as a proxy for the Pi Network token.
Frequently Asked Questions (FAQs)
It has formed a small wedge and a bearish pennant, pointing to a potential bearish breakdown.
The Pi Network mainnet launch will happen possibly in the first quarter of next year. Previously, the developers wanted to list it in December.
Yes, the coin still remains above the ascending trendline since September, pointing to a potential rebound.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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tHESSSSSSStHE The XRP price continues to face challenges in sustaining support at $2 during the recent market period. The bearish trend exists, yet XRP continues to stay above its essential support level. Investors now explore alternative cryptocurrencies because of declining interest in XRP. The crypto that is promising to buy includes CRO alongside EOS, PI, and SOL, which present strong investment possibilities.
Crypto to Buy: Cronos (CRO)
The cryptocurrency market recognizes Cronos (CRO) as one of the cryptos to watch today because of its increased vitality and expanding user base. In the last 24 hours, CRO experienced a 5% increase, which brought it to $0.1036. The token holds a position among the highest-performing assets.
The major partnership between CRO and Donald Trump’s Truth Social platform became recently public. CRO investors will soon have access to a fresh ETF focusing on the cryptocurrency. Market analysts predict this token will have a robust rally throughout the current market cycle because of the recent developments.
Eos (EOS)
EOS price maintains $0.5752 support position at a vital entry point which market analysts track for potential breakouts. Market watchers identify the asset as a key observation because breaking out from this position could generate a bullish price movement reaching between 65% and 80% The trading volume keeps rising which indicates increasing buying pressure and developing momentum.
The noticeable traits of EOS Network as a high-performance open-source blockchain platform include its focus on flexibility and security and developer-friendly design, along with its emphasis on scalability and user experience making it among the crypto to buy.
Pi Network (PI)
Pi price is trading at $0.8224 PI price is among the top altcoins to buy as investors are eyeing recover. The Pi Network price crashed in March as it lacked a clear bullish catalyst and as the market remained concerned about its burn rate. The Pi coin crashed to a low of $0.83 on Friday, meaning it collapsed by over 65% in March.
A potential exchange listing by Binance in April could catalyze the Pi Network’s price. Other notable exchanges that may drive its price higher are South Korean giants such as Upbit and Bithumb and US companies like Coinbase, Kraken, and Gemini.
Solana (SOL)
Solana (SOL) price is gaining traction amid a broader market correction as Bitcoin trades below $88,000 and Ethereum stays under $2,000. SOL recently dipped to $129 but remains crypto to watch, especially with XRP struggling to hold above $0.62.
According to analysts on X, $125 stands out as a key support zone for Solana in the short term. Despite current pressure, speculation tied to ETF and overall sentiment may trigger a SOL rebound this week making top altcoin to buy now. The 24-hour trading volume for Solana stands at $3.43 billion, showing an 18.77% increase.
Final Thoughts
As XRP price faces resistance, these cryptos to buy now, including CRO, EOS, SOL, and PI, could see growth potential in the current market.
Frequently Asked Questions (FAQs)
CRO surged 5% recently and gained attention due to its Truth Social partnership.
A possible listing on Binance and other major exchanges could support a price rise
Solana is holding near $125, seen as a short-term support zone.
Anna
Annah enjoys writing about cryptocurrency and blockchain technology. With More than 5 years of experience. For years she has followed their development and now believes these technologies could potentially revolutionize many industries. She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pi Network continues to remain under strong selling pressure as native cryptocurrency Pi Coin has corrected another 12% today, with its price dropping to $0.81 support levels. With this, it has extended its weekly losses to 28% amid delays in mainnet launch, Binance listing, etc. and initial investor sentiment waning significantly. Investors are turning anxious about whether the Pi Coin price could stage an upside above $1 anytime soon or not.
Pi Network Core Team Needs to Step Up
With delays in plans of a mainnet launch, listing on Binance, or the Pi Domain auction, the Pi community members are seeking answers from the Core team, asking them to step up the game, as the Pi Coin price faces a steep fall from $3 to $0.82. Community members believe that the recent turbulence comes as the Core Team (CT) remains silent on critical updates.
Furthermore, there have been allegations that the Pi core team has been drifting away from its promise of full decentralization, to now attracting big institutions. Large corporations handling billions of dollars in daily transactions naturally prioritize security and transaction speed over complete decentralization.
With these opposing interests, the Pi Network core team seems to have made some compromises while trying to strike a balance between inclusivity and global adoption. Popular community member, Dr. Altcoin noted:
“We should embrace this collaboration between everyday users and big institutions. High-volume trading driven by businesses is what is required to drive our utilities, and that will ultimately push the price upward. The Core Team should also remain committed to rewarding the Pi community. Without the Pi community, the Pi Network would have been just another typical memecoin story”.
What Happens to Pi Coin Price Next?
Despite the strong community back, the Pi Coin price has been seeing a one-directional downside all the way to $0.82. Crypto analyst Moon Jeff has issued a bold prediction regarding Pi Network’s price trajectory. According to Jeff, the token is poised to decline to $0.60, which he identifies as its last significant support level.
Despite this, the analyst remains optimistic of the Pi Coin price recovery, suggesting that a rebound from this point could spark a rally toward the $5 mark. Dr. Altcoin also shared a similar outlook noting: “Let’s HODL and buy both Patience and Pi together while they’re still available. Let’s also not be surprised if Pi shoots up to $3.14 in the coming weeks or even to $10 in the coming months”. Recent reports also suggest a projected PI listing on the crypto exchange Upbit.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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