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.
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.
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.
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.
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.
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.
The post Will Pi Network Price Bounce as Binance Post Stirs Pi Coin Rumor Mill? appeared first on CoinGape.
