- According to one renowned crypto analyst, strong community support, evidenced by an 85% approval in a Binance poll, combined with increased trading volumes and bullish chart patterns, is driving Pi Coin’s price surge.
- Pi Coin’s recent price spike, fueled by exchange listings and technical indicators, positions it to potentially surpass the previous high.
Pi Coin has recorded a tremendous rally in the past 24 hours. With a market cap of 10.31B, Pi is at the time of press exchanging hands with $1.59 after a 16.55% on the daily charts.
Pi coin’s rally has signaled renewed energy. Posing a strong comeback after the digital asset kicked off on the wrong foot. Reminiscing the digital token recorded more than 100% price meltdown after its launch.
The shadows of yesterday have dispersed, revealing a far-off bloom of hope for Pi coin. The strong rally, combined with positive technical analysis including an elevated RSI indicating strong momentum and the bullish breakout above $1.10, speculations have greatly risen.
If the token maintains the positive momentum, market pundits believe the token could attain the $2 in the short term and the $3.14 mark in the long-term.
Pi Coin’s recent rally has been fueled by quite a number of factors. On top of the list, Binance recently reopened listing by community vote for the Pi coin. The community is highly anticipating the outcome, with voting since the 17th showing over 85% support.
Nonetheless, there hasn’t been any official communication about the matter.
It is worth mentioning, while no official statement has been made about the matter, We earlier reported that Bybit CEO Ben Zhou has, via a tweet, declined to list Pi Coin, calling it a fraudulent scheme.
While Binance has yet to make an official announcement, the sheer volume of support has significantly raised hopes within the community, fueling speculation and driving increased trading activity.
Analyst Kim Wong has identified several key drivers contributing to the token’s impressive price movements. Firstly, a dramatic increase in trading volumes compared to just a few days prior indicates a substantial influx of capital into the asset.
This influx suggests growing investor confidence and a heightened level of market participation. Secondly, the sheer magnitude of Pi Coin’s price jump, exceeding 101% and reaching $1.48, combined with a trading volume of $1.53 billion, has captured the attention of traders seeking high-volatility opportunities.
The increased accessibility of Pi Coin through listings on five major cryptocurrency exchanges, including OKX, MEXC, Bitget, GateIO, and Pionex, has played a crucial role in expanding its reach and attracting a broader investor base.
These listings provide greater liquidity and visibility, contributing to the asset’s overall market momentum. Furthermore, technical analysis of the Pi Coin price chart reveals a bullish Cup and Handle pattern, a classic indicator of strong breakout potential. This pattern suggests that the asset is poised for further upward movement.
With these combined factors, Pi Coin is now positioned to potentially challenge and surpass its previous all-time high of $2.20.