Will Pi Network Price Bounce as Binance Post Stirs Pi Coin Rumor Mill?

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Three Reasons Pi Network Binance Listing Is Delayed

Highlights

  • Pi Network price is in focus after cryptic posts by Binance and HTX.
  • A potential listing would likely fuel a rebound after the team’s news fell short of expectations.
  • The Pi coin may be about to form a break and retest chart pattern on the 4H chart.

Pi Network price crashed after the much-anticipated ecosystem news fell short of expectations on Wednesday, May 14. It has fallen by almost 50% from its highest point this week, erasing $4 billion of value. Still, the ongoing Pi Coin listing by Binance and HTX could fuel a rebound.

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Pi Network Price Could Recover After a Cryptic Binance Listing

The Pi Coin price plummeted and moved below $1 after the hyped ecosystem news disappointed. In a statement, the developers noted that they will launch a new $100 million fund to invest in startups using its technology.

Pi users complained that the news fell short of expectations since it came too late, as the current ecosystem had attracted minimal traction almost three months after the mainnet launch.

Still, all hope is not lost as Binance and HTX have stirred Pi Network listing rumors. In a post across all its social media platforms, Binance sent an image that closely resembled the Pi symbol.

Pi Network Binance
Pi Network Binance Listing

That post stirred comments online, with some influential users suggesting that it was a hint that it would list it soon. As you recall, the Binance community voted overwhelmingly in favor of a listing in February.

To be clear: Binance has not commented on the news yet. And as this Coingape article noted, Binance has not listed Pi Network because of its centralization, lack of utility, and low liquidity.

There has also been speculation that HTX was planning to list Pi Coin. Most of this speculation comes from its daily X posts featuring numerous cryptocurrencies like Pi Network, Tron, Pepe, Shiba Inu, and Moo Deng.

HTX posts on HTX
HTX posts on HTX

A Binance or HTX listing would likely spark a short squeeze as some small-cap coins have previously done. The most recent was Alpaca, whose price surged by 425% within a day after Binance listing. Orca price also soared by over 200% after its listing. Pi Network price would have a bigger squeeze since it is a much bigger and popular coin than Alpaca and Orca.

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Pi Coin Price Technical Analysis: Rebound Can’t be Ruled Out

The four-hour chart points to a highly bearish Pi Network price forecast as it has plunged from $1.6692 on May 12 to $0.8665. It has even plunged below the 50-period moving average, confirming the bearish outlook.

However, a rebound can still not be ruled out since the coin remains above the key support at $0.7882. This price was important as it was the highest level on April 5 and 12.

As such, the coin may be about to form a break-and-retest pattern, a common continuation sign. This happens when an asset falls back to a support level and then resumes the uptrend. If this happens, the Pi Coin price will likely resume the uptrend and move above $1.

Pi Network Price Chart
Pi Network Price Chart

The bullish forecast will become invalid if the coin drops below the support at $0.7882. Such a move will have it drop to $0.5720, the lowest point last week.

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Frequently Asked Questions (FAQs)

1. Why did the Pi Network price crash after the much-anticipated news?

Pi Coin price crashed because the ecosystem fund fell short of expectations by investors and traders.

2. Will Pi Coin price rise as Binance post fuels listing speculation?

It is unclear whether the Binance post was a sign that it wanted to list it. Pi would surge if such a listing happened.

3. Is there a bullish catalyst for Pi Network technically?

The most bullish catalyst is that it may be forming a break-and-retest chart pattern on the daily chart.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.