Pi coin has experienced a significant decline, dropping 15% over the past week. As of writing, it trades at $1.42. This downturn comes amid swirling rumors about a potential listing on Binance, one of the world’s largest cryptocurrency exchanges.
Binance Listing Rumors
According to Pi_open_mainet, there are rumors that the Binance marketing team wants to have a campaign around the Pi token listing. The source states:
“RUMOR – Binance’s marketing team is reportedly gearing up for a major campaign around Pi listing! Sources claim that #Binance & #PiNetwork have reached an agreement to prepare for this special event!”
The same source outlined what appears to be a community voting mechanism for the listing process. It states:
“Users need just 0.01 BNB to vote for their favorite project. The project with the most votes will be reviewed for listing. Binance aims to empower the community while ensuring compliance.”
Should Pi Network secure a Binance listing, Pi coin would likely experience a substantial price surge in the days following. Binance listings historically provide significant exposure and liquidity to projects, often leading to price appreciation.
Technical Analysis Points to Crossroads for Pi
A recent price analysis from diplomat_crypto highlights a concerning pattern. The chart shows a symmetrical triangle formation that has broken downward, triggering a 22% price collapse to approximately $1.38.
The analysis identifies $1.30 as the critical support level to monitor closely. If this level holds firm, Pi could potentially rebound to the $1.75-$1.88 range. However, should this support fail, prices might tumble further to around $0.75.
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Indicators and Key Levels
The MACD indicator currently signals bearish momentum, suggesting continued downward pressure on price. That said, if Binance listing rumors gain additional credibility, market sentiment could quickly shift to bullish territory.
Traders should keep a close eye on these key price levels:
- Resistance levels sit at $1.75 to $1.88
- Support at $1.30 is critical in the short term
- If support breaks, the next major level to watch would be $0.75
The coming days will be crucial for Pi Network as market participants respond to both technical signals and developments regarding the potential Binance listing.
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