Pi Network price has gone against the grain this week. It has remained below $1 even as Bitcoin and most altcoins bounced back and the crypto market cap neared $3 trillion. Pi coin token has slumped by 70% from its YTD high. So, how high can it get if Upbit lists it?
Pi Network Price Would Go Parabolic In Case of an Upbit Listing
The Pi Network price has plummeted as investors remained concerned about future dilution and the lack of new exchange listings. Pi will unlock over 1.6 billion tokens this year, and billions more in the next few years, leading to more dilution.
The market also worries that Pi has not received a major exchange listing since its mainnet launch. It has not received a Binance listing even after its users voted overwhelmingly for that to happen. Most of the Pi trading happens in exchanges like HTX, OKX, and MEXC.
One potential catalyst that would propel Pi Network price higher would be a listing on Upbit. Upbit is one of the biggest crypto exchanges in the industry, handling over $1.8 billion in volume on Monday.
An Upbit listing sometimes leads to more parabolic moves than other exchanges like Coinbase and Kraken. That happens because Upbit is the biggest South Korean crypto exchange, a country where Pi is highly popular. While the numbers have not been made public, one estimate is that the Pi Network app had 1.4 million users in South Korea.
Recent Upbit listings have been received well by the market. For example, the Orca price soared 170% in a day after the Upbit listing.
Pi Network would also surge if it was listed by Coinbase, a move that would make it available to US customers.
Pi Coin Technical Analysis Points to a Surge
While the Pi Network price has crashed, there are signs that it is preparing for a massive surge soon. That’s because it has slowly formed a falling wedge chart pattern in the past few weeks.
A wedge is a reversal sign with a high degree of accuracy. In this case, the upper line connects the highest levels since February 8, while the lower line connects the lowest points since March 2. These lines are now converging, pointing to more gains, potentially to the all-time high of $3, which is 230% above the current level.
A drop below the support at 0.6120 will cancel the bullish outlook and point to further declines. Such a drop would likely push it to a new all-time low as investors sell in panic.
The post How High Would Pi Network Price Surge if it Was Listed on Upbit? appeared first on CoinGape.
