Pi Network is experiencing significant growth, surging by 20% ahead of Pi Day, a key event for the project's ecosystem.
Pi Network Price Growth
Pi Network's price has risen by 20% in the past day, currently trading at $1.60, though it's still down by over 45% from its all-time high of $2.98 achieved in February. The project is holding steady at a local support level of $1.30-$1.40, buoyed by the approaching Pi Day.
Significance of Pi Day
Pi Day, celebrated on March 14, marks a significant event for the Pi ecosystem. Users are required to move their mined Pi coins from the testnet to the live mainnet by 8:00 am UTC on March 14, as per the extended Grace Period deadline. This date also marks the 6th anniversary of the project's official launch. However, users are still facing difficulties with the KYC verification required for transferring their Pi coins to the mainnet due to technical issues.
Technical Outlook and Potential Listing Impact
On the bright side, the PI price has been holding above the $1.4 local support level for 3 days now. It’s also now pushing above the 21-day EMA, showing an attempt at a potential reversal. On the 4-hour chart, the price has printed 5 consecutive bullish green candles, accompanied by increasing volume. Local resistance is around the $1.75–$2.00 level. If volume continues to increase, the price might test the higher resistance level at $2. The major catalyst seems to be the potential listing on Binance, as over 87% of February vote participants supported listing PI on the Binance spot market. However, there's uncertainty whether the listing will happen as Binance remains quiet.
The surge of Pi Network ahead of Pi Day reflects significant market dynamics despite user challenges and the uncertainty surrounding a potential listing on Binance.
