In the past 24 hours, the $Pi Network market has recorded a growth of 6.2%, outperforming several leading cryptocurrencies, including Bitcoin (+3.4%), Ethereum (+3.7%), XRP (+3.1%), BNB (+4.5%), and Solana (+2.6%). Since the mainnet launch, the price of PI has surged by an impressive 1,676.68%, contrasting with a 9.9% decline in the broader cryptocurrency market. This performance suggests that Pi Network is defying the general market trend, leading to speculation about its future growth potential. The key question now is: How high can PI's price go?

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What Is Driving the Recent Surge in PI's Price?

Since February 20, PI has seen a substantial price increase of 1,676.68%, including a 6.9% rise in the last 24 hours alone. The PI market’s resilience against the broader crypto market’s downturn highlights its strong momentum.

Key Factors Behind PI's Growth:

1. Migration Deadline Approaching:

The Pi Network is nearing its final deadline for users to migrate their holdings. According to a recent blog post by the PI team, March 17 is the final date to complete the migration process. This urgency has likely spurred increased demand. Currently, PI's 24-hour trading volume stands at $777,483,578.

2. Potential Listings on Major Exchanges:

There is growing speculation that prominent exchanges, including Binance, might list PI soon. A community poll conducted by Binance revealed that more than two-thirds of respondents supported the listing, increasing optimism in the market.

3. Regulatory Tailwinds:

The recent victory of Donald Trump in the U.S. election in November has led to a reversal in the U.S. administration’s approach toward the cryptocurrency industry, which may have contributed to positive sentiment around PI.

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PI Technical Analysis: Is a Breakout Imminent?

The PI market recently broke through a strong resistance level at $1.75, with the current price standing at $1.88. Technical indicators suggest that a significant move could be on the horizon.

Bollinger Bands:

On the four-hour chart, the Bollinger Bands have contracted significantly, indicating the potential for increased volatility and a powerful momentum shift. Analysts suggest that if PI can break above the $1.90 level, it may trigger a rally towards $2.

Parabolic SAR Indicator:

The Parabolic SAR indicator also suggests a shift towards a positive trend, further supporting the case for a potential breakout.

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Can PI Reach $10 or Fall Below $1.54?

Experts argue that if PI's price manages to break above the crucial $1.90 resistance level with strong trading volume, a rally towards $10 could be achievable. However, they also caution that failure to break this level might result in significant selling pressure, potentially dragging the price down to $1.54.

For a bullish breakout to be confirmed, it is essential for the bulls to maintain support above $1.74. Currently, PI's price is approximately 1.06% below the key resistance level of $1.90, making this a critical juncture for the asset.

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Will Binance List Pi Coin?

While Binance has not officially listed Pi Coin yet, a recent community poll showed strong support for the listing, which has bolstered confidence among investors. A potential listing on Binance could significantly boost PI’s visibility and trading volume, acting as a catalyst for further price gains.

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Conclusion:

Pi Network's recent performance indicates strong momentum, backed by approaching migration deadlines, potential exchange listings, and favorable regulatory developments. The coming days will be crucial in determining whether PI can break above the $1.90 resistance level and target the $10 mark or if it will face a correction towards $1.54. Investors should closely monitor key support and resistance levels along with trading volumes to gauge the next move.

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