Find out if Pi Network price will rebound after Binance and HTX fuel speculation Secret X posts
On Wednesday, May 14, the price of Pi Networks crashed after the highly anticipated environmental news fell short of expectations.
It has fallen nearly 50% from its peak this week, wiping out $4 billion in value. Still, the ongoing listing of Pi Coin by Binance and HTX could lead to a recovery.
The price of Pi Network may recover after a secret Binance listing.
PiCoin's price plummeted and fell below $1 after the hyped ecosystem news disappointed.
In a statement, the developers noted that they would be launching a new $100 million fund to invest in startups using its technology.
Pi users complained that the news fell short of expectations because it came too late, as the existing ecosystem had gained minimal traction about three months after the mainnet's launch.
Still, all hope is not lost as Binance and HTX have fueled rumors of a Pi Network listing. In a post across all of its social media platforms, Binance sent out an image that resembled a pie symbol.
The post sparked a flurry of online comments, with some influential users suggesting it was a sign that it would soon make the list. As you may recall, the Binance community voted overwhelmingly in favor of listing back in February.
To clarify: Binance has yet to comment on this news.Binance has not listed the Pi network due to its centralization, lack of efficiency and low liquidity.
There has also been speculation that HTX was planning to list Pi Coin. Much of this speculation comes from his daily X posts covering various cryptocurrencies such as the Pi Network, Tron, Pepe, Shiba Inu, and MoDeng.
A Binance or HTX listing will likely trigger a short squeeze as some small cap coins have done before.
The most recent was Alpaca, whose price jumped 425% within a day after listing on Binance. Orca's price also increased by more than 200% after its listing.
There will be a big squeeze in the value of the Pi network because it is a much bigger and more popular coin than Alpaca and Orca.
Pi Coin Price Technical Analysis: Rebound Cannot Be Ruled Out
The four-hour chart points to a very bearish Pi Network price forecast as it fell from $1.6692 to $0.8665 on May 12. It even fell below the 50-period moving average, confirming the bearish outlook.
However, a rebound still cannot be ruled out as the coin remains above the key support at $0.7882. This price was significant because it was the highest level on April 5 and 12.
Thus, the coin is about to form a break and retest pattern, which is a common continuation sign.
This happens when an asset breaks back to a support level and then resumes an uptrend. If this happens, the Pi Coin price will likely resume an uptrend and move above $1.
The bullish prediction will be invalidated if the coin falls below the support at $0.7882. Such a move would see it fall to $0.5720, the lowest point of last week.
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