Key Insights
- The Pi coin has been bullish lately, to the delight of investors.
- This comes amid a wider selloff across the rest of the market, with Bitcoin breaking below $95,000.
- The Pi cryptocurrency also experienced a 350% surge in its trading volumes, contributing to the bullish outlook.
- The cryptocurrency is now consolidating amid possible profit-taking from the bears.
- Speculation about a possible Binance listing could contribute to an incoming recovery for the cryptocurrency.
The crypto industry has turned up quite a few surprises over the last few days. Bitcoin crashed heavily from above $95,000 to less than $85,000 in less than a week, wiping out nearly $10,000 of its per-coin value and liquidating thousands of traders.
Soon after this slump, however, the cryptocurrency has made a stellar comeback, pulling up the altcoin market with it.
Speaking of altcoins, Pi network coin $PI has recently defied all expectations by registering an all-time high.
What will come next now that Pi coin is back on investor radars? Let’s go over the facts.
Pi Coin Hits New ATH Amid Market Downtrend
According to data from CoinMarketCap, Pi coin recently hit an all-time high of around $2.98 despite the ongoing market downturn.
This milestone was significant, considering how it traded at a mere $0.60 just a few days before.
This impressive rise also came right in the middle of the market downturn, when major cryptocurrencies like Bitcoin and Ethereum took nosedives.
CoinMarketCap data shows that the cryptocurrency’s price has cooled down somewhat, to the $2.65 price level.
However, another interesting thing about Pi coin is the 350% increase in its trading volume, with nearly $3.5 billion in volume processed by the Pi network.
On the other end, this unexpected rally has fueled speculation so far about the legitimacy of $Pi Coin.
A History of Skepticism
Critics have bashed Pi since its inception, with several scam allegations.
This skepticism persisted, even after the launch of the coin and how it unexpectedly plummeted to new lows.
One of the biggest Pi critics is Bybit CEO Ben Zhou, who openly dismissed Pi Network as a scam, reiterating that his exchange would not list it.
In the same vein, crypto influencer SHIB Gems expressed doubts about the project.
However, the general consensus about Pi Coin is that it is a highly profitable cryptocurrency and holds a lot of upside potential for traders.
Why Did Pi Coin Skyrocket?
The price of Pi jumped based on a combination of several factors. To begin with, Pi is currently one of the top 10 cryptocurrencies in terms of 24-hour trading volume on CoinMarketCap.
The cryptocurrency ranks #8th, and sits right underneath big players like Solana and XRP.
This inflow of capital shows that the cryptocurrency is experiencing massive interest and liquidity.
Trends like these often come before massive price movements, and the Pi Coin future might just remain to be seen.
Another contributing factor to this surge is the exchange listings Pi has enjoyed so far.
The cryptocurrency is now available on several centralized exchanges like OKX, MEXC, Bitget, Gate.io, and Pionex.
These listings have made it more accessible to more traders, which means that Pi Coin now has more investors than ever before.
Finally, a big catalyst for Pi coin’s rally is the speculation about Binance’s incoming token listing.
If Binance goes ahead and lists the cryptocurrency, it could drive another wave of buying pressure and push the cryptocurrency to fresh new highs.
Technical Breakout Patterns—Will Pi Coin Hit $3.14 Soon?
From a technical perspective, Pi Coin appears to have formed a textbook cup-and-handle pattern on the hourly chart, which is a bullish pattern.
Historically, cup and handles form after the price of a cryptocurrency crashes, rebounds, and then resumes its uptrend after consolidating.
With this in mind, a Pi continuation to the upside could push prices higher in the coming days.
Many traders and analysts believe that the Pi coin is expected to break the $3 zone soon.
The cryptocurrency is currently consolidating after such a massive price increase over the last 24 hours.
However, if insights from analyst Kim H Wong are anything to go by, Pi will soon rebound and surge past the $2.2 price level.
Not only this, the cryptocurrency is expected to surge further upwards to around $3.14 as the next major target.
The interesting thing about this number is that not only does the Fibonacci retracement tool point towards the range between $3.14 and $3.35:
The number 3.14 is the same as the mathematical constant (Pi), which is highly symbolic, to say the very least.
If the bullish momentum continues and the Binance listing materializes, Pi Coin could charge upwards sooner than expected.
However, if the bulls lose the $2.58 price level, a drop towards $2 could be imminent in the short term.
Despite the recent success of the cryptocurrency, though, there has been some observed profit-taking from sellers, where most of the liquidation in the last three days came from the bulls.
Overall, the cryptocurrency’s strength so far has been undeniable—especially with hitting a new all time high in the middle of a market downturn.
While the price targets for the cryptocurrency sit between $3.14 and $3.8, investors must approach this (and any other investment) with caution.
