Pi Network Defies Broader Cryptocurrency Sell-Off, Surges 158% in Recent Days

Despite a broader cryptocurrency market downturn, Pi Network has remained stable and even surged in recent days. The network, which launched its mainnet last week, saw its price jump to $1.60, a 158% increase from its lowest point on Friday.

Pi Network’s Market Capitalization Skyrockets

According to market data, Pi Network’s self-reported market capitalization has jumped to $10.7 billion, making it the 11th-largest cryptocurrency. This significant increase in market capitalization comes as most cryptocurrencies suffered double-digit losses, with 24-hour liquidations soaring 477% to $1.57 billion. The total crypto market cap declined by 6%.

Blue-Chip Tokens See Significant Declines

Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) crashed by over 10% in the last 24 hours. This downturn has led to a decline in investor confidence, but Pi Network’s price remains resilient.

A key factor behind Pi’s rise appears to be speculation surrounding an upcoming Binance listing. Binance, the world’s largest crypto exchange, is conducting a poll on whether to list Pi, with most users voting in favor. A Binance listing would be significant, given the platform’s 200 million users worldwide. In addition to spot trading, Binance may also introduce Pi to its futures market.

Other major exchanges that have already listed Pi Network include OKX, HTX, Bitget, and Gate.io. A listing on Binance could pressure other tier-1 exchanges like Coinbase, Upbit, and Kraken to offer it.

Pi Network’s Price Climbs Ahead of Know Your Customer Deadline

Pi Network’s price is also climbing ahead of the upcoming Know Your Customer (KYC) grace period deadline. The final phase of the KYC grace period will end on February 28. After that, pioneers will only be able to migrate Pi coins mined in the past six months to the mainnet.

Pi Network Price Targets All-Time High

The hourly chart shows that Pi was trading at $1.60 on Tuesday, aligning with the ascending trendline connecting the lowest swings since February 22. This diagonal support forms part of an ascending triangle pattern, a popular bullish continuation signal.

Pi Network’s price has also moved above the 25-period moving average, indicating that bulls remain in control. A breakout above the $1.67 resistance level would confirm the bullish outlook and potentially push the price toward its all-time high of $2.20, marking a 36% increase from current levels.

Tips for investors:

  • Keep an eye on Pi Network’s price movement ahead of the Binance listing poll results.
  • Monitor the cryptocurrency market’s overall trend and adjust your investment strategy accordingly.
  • Consider the potential impact of the KYC deadline on Pi Network’s price.

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