In the rapidly evolving world of cryptocurrencies, Pi Network has made significant strides, with its price surging by 20% in the last 24 hours. As of now, Pi Network (PI) is trading at $1.60, although it remains over 45% away from its all-time high of $2.98, which was reached just last month.
Currently, the coin is showing resilience with strong support levels around $1.30 to $1.40. This stability comes just ahead of Pi Day on March 14, a pivotal date for the Pi ecosystem as it marks the migration of mined coins from the testnet to the live mainnet. This migration must be completed by 8:00 AM UTC on March 14—however, users are encountering hurdles with the Know Your Customer (KYC) verification process due to ongoing technical issues.
The anticipation leading up to Pi Day is palpable among users and investors alike. In addition to the upcoming migration, a possible listing on Binance is adding fuel to the excitement. According to reports, over 87% of participants in a recent vote indicated their support for listing PI on Binance’s spot market. While the exchange has remained silent about any official announcements, the potential for a listing has invigorated investor sentiment.
On a technical analysis front, PI’s price action is showing promising signs. For three consecutive days, the price has managed to maintain levels above the $1.40 support, while also pushing above the 21-day Exponential Moving Average (EMA). The 4-hour price chart has recorded five consecutive bullish candles, indicating increased buying volumes. If this trend continues, analysts predict that PI could soon challenge the local resistance levels around $1.75 to $2.00.
Despite the potential and the current surge, investors should remain cautious. The KYC issue looms large, and it’s essential for users to complete the KYC and migration to avoid losing most of their PI holdings. Fortunately, with a solid support foundation and optimistic trends in price movement, the outlook for Pi Network seems bright as it approaches its sixth anniversary since the project’s launch.
