Pi Network price has been left in the dust as Bitcoin and other altcoins. It remains below $1, and has crashed by almost 80% from its all-time high. Its daily volume has also fallen to less than $100M, a sign that its demand is waning. Let’s explore why the Pi Coin price will remain capped until two key exchanges list it.
Pi Network Price to Be Stuck Until Key Exchange Listings
Pi Coin has struggled primarily for two main reasons: a lack of tier-1 exchange listings and its token unlocks. Data shows that the network will release 1.6 billion tokens, worth approximately $1.06 billion, over the next 12 months. These releases will ultimately drive the price downwards, especially if there is no demand to purchase.
No other major CEX has listed Pi Network since its mainnet launch. Its only trading is happening in exchanges like Gate, Bitget, OKX, LBank, and MEXC. While these ones are large players in the crypto industry, most of them are not considered tier-1 exchanges.
There are three main exchanges that would likely lead to a Pi Network price surge. Binance is the biggest crypto in the industry, and its listing would expose it to over 200 milion users globally. Most Binance users who participated in a poll before the mainnet launch supported its listing.
Cryptocurrencies usually surge after Binance listing. The most recent example is DeepBook, whose price rocketed after Binance Futures listing.
Upbit is another exchange that would lead to a Pi Coin price surge because of its large market share in South Korea. Just recently, Orca price soared by 170% in a day after it was listed on Upbit.
The other key exchange ideal for Pi Network price surge is Coinbase, which would expose it to US clients. As such, the token will remain capped until it is listed in these three exchanges.
Pi Coin Price Technical Analysis and Prediction
The eight-hour chart reveals that the value of Pi has remained in a narrow range this month. It has been stuck between the support and resistance levels at $0.4015 and $0.7660.
Most importantly, the coin has formed a rising wedge chart pattern. The lower line links the lower lows since April 15, while the upper side connects the highest levels since March 29. This wedge leads to a breakdown when the two lines near their meeting point as is happening today.
Therefore, the most likely Pi Network price forecast is where it crashes and retests this month’s low at $0.4015, down by 40% from the current level.
However, there is always a risk for a short squeeze, especially if one of these exchanges lists it. Such a move would trigger a triple-digit surge, possibly to the value of Pi at $3.14.
The post Here’s Why Pi Network Price Will Remain Capped Because These 3 Exchanges Will Not List Pi Coin appeared first on CoinGape.
