A look at the performance of PI's price: Could listing PI on Binance elevate it to the big leagues?
A look at the performance of PI's price: Could listing PI on Binance.
Owners of PI are doing their utmost to list the Pi Network (PI) currency on Binance, which could push its price to unprecedented levels. The price of Pi Network (PI) dropped by 6% yesterday to $1.80, after U.S. President Donald Trump signed an executive order to create a strategic reserve of confiscated Bitcoin (BTC). Despite a 9% price drop over the week, PI has maintained an impressive increase of 166% over two weeks, placing it among the top 100 performing cryptocurrencies during this period. There is optimism regarding the future prospects of this currency as it still awaits listing on most major trading platforms with its community's tireless efforts to add it to the famous Binance platform; suggesting it may witness significant spikes in the coming months while its long-term price outlook remains among the best in the market.
A look at the performance of PI's price: Could listing PI on Binance make it the next major cryptocurrency?
The chart for PI's performance today suggests that its price may test further declines before recovering more consistently, and its technical indicators are still far from overbought areas with the Relative Strength Index (RSI) - shown in purple - currently below 50 after dropping from 75 on Wednesday, indicating increased selling pressure. Source: TradingView. However, what may raise more concerns is what the 30-day moving average (in orange) shows, as it seems poised to fall below its 200-day counterpart (in blue), forming a 'death cross' signal for further losses; alongside a drop in its daily trading volume from a peak of $3.3 billion in late February to just $500 million today, also indicating a strong decrease in demand. It's also interesting that popular accounts tracking whale activity - like Whale Alert, Lookonchain, and Spot On Chain - have not revealed any massive purchases of PI since the launch of its mainnet at the end of last month, indicating that large investors are still avoiding the currency that allows anyone with a mobile phone to mine it. However, conditions may change when it gets listed on some prominent trading platforms, amid efforts by its owners to have it added to Binance as well.