Pi Network (PI) Price Prediction & Analysis: Can New Exchange Listing Trigger the Path to $1?

Pi Network (PI) Price Prediction & Analysis: Can New Exchange Listing Trigger the Path to $1?

TLDR

• Pi Network cryptocurrency has declined about 74% from its peak value following the mainnet launch
• Technical patterns including a double bottom at $0.76 suggest a possible reversal
• BTCC Exchange recently added Pi for spot trading, providing a new liquidity option
• Token unlocks will reach their lowest monthly level in April at 124.32 million compared to higher volumes in coming months
• Market analysts project possible recovery to $1+ based on chart patterns and supply dynamics

The Pi Network cryptocurrency has been through a challenging period. Its price has dropped to approximately $0.70-$0.80 in recent trading.

This represents a 74% decline from its highest point after the mainnet launch. Many holders have sold their tokens during this market downturn.

The broader cryptocurrency market has also been under pressure. The fear and greed index shows heightened investor anxiety with a reading of 25.

Pi Network has seen its value test support levels not seen since early 2022. This drop has occurred alongside concerns about future token distribution.

Chart Patterns Show Promise

Despite the downward price action, several technical indicators suggest a potential recovery. Chart analysts have identified key patterns forming.

A double bottom formation appears to have developed at the $0.7663 price level. This pattern often signals a reversal of a downtrend in technical analysis.

Looking at price movements since February 25, a wedge pattern has formed. The convergence of these trendlines suggests a possible breakout.

The price has found support at the 78.60% Fibonacci Retracement level. This mathematical level often acts as a reversal point in market cycles.

Key momentum indicators show positive signs. Both the RSI and MACD display bullish divergence, where price makes lower lows while indicators make higher lows.

Exchange Developments

Exchange listings remain a challenge for Pi Network. Some platforms have expressed hesitation about adding the token to their offerings.

Recently, BTCC Exchange announced it has listed Pi for spot trading. This provides a new option for users looking to buy or sell the token.

The BTCC listing sparked a modest 1% price increase. While small, this interrupted the consistent downward trend of recent weeks.

Binance users have shown support for adding Pi to the platform. A community vote delivered strong backing for a potential listing on the world’s largest exchange.

With a market capitalization exceeding $7 billion and daily trading volume over $300 million, Pi ranks as a top cryptocurrency by size. This may attract additional exchange partnerships in the future.

Supply and Distribution Factors

Token supply dynamics play a key role in Pi’s price movement. Currently, about 6.7 billion Pi coins circulate against a maximum supply of 100 billion.

April brings good news for those concerned about dilution. This month will see the lowest token unlock volume through August at just 124.32 million tokens.

The daily unlock rate will drop to approximately 1.5 million tokens between April 7-11. This reduced selling pressure could help stabilize prices.

Following months will see higher unlock volumes: May (182.37 million), June (222.68 million), July (233.37 million), and August (132.52 million). This makes April a potentially favorable month from a supply perspective.

There is market speculation about a possible token burn. Developers might remove unmigrated mined tokens from circulation, which could impact long-term supply.

Recovery Outlook

The combination of technical indicators, reduced token unlocks, and new exchange access creates a potential foundation for price recovery in April.

Pi Network continues to maintain a large user base. The community aspect remains one of the project’s strengths despite price volatility.

The project’s core team has not made major announcements recently. New developments or roadmap updates could serve as additional catalysts for price movement.

For traders, the current price range may present what some analysts consider an opportunity. The risk-reward ratio looks favorable if technical patterns play out as expected.

Long-term believers in the project point to its unique mobile mining approach and large community as reasons for optimism beyond short-term price action.

The post Pi Network (PI) Price Prediction & Analysis: Can New Exchange Listing Trigger the Path to $1? appeared first on CoinCentral.