- Pi Coin price rally comes ahead of the Pi Network’s May 14 announcement, coinciding with the Consensus conference.
- Rumors of a new development fund and potential exchange listings on Binance, HTX, and Upbit are fueling speculation, alongside on-chain activity involving 84.8 million Pi tokens transferred.
Pi Coin (PI) has seen an upward swing, with its value changing by more than 17% within the last 24 hours, to $0.7463. The latest wave of price volatility is attracting a lot of attention from market watchers as the PI gets closer to the much-anticipated $1 mark.
Will Pi Coin Price Surge to $1?
The technical indicators suggest that the momentum is still upward. Importantly, the Pi Network has been maintaining the support level at $0.5645, a floor that has not been changed since April 7. The trading volume of the Pi Coin has also drastically increased by 171.78% to $354.03 million in the last 24 hours.
Analysts are paying close attention to Bollinger Bands which at present is showing a possible squeeze formation which is often taken as a precursor to sharp movements in the price. Increased expectations in regard to Pi Coin seems to be connected to the planned announcement of May 14. This event which harmonizes with the Consensus conference in Canada will produce great updates on the network’s roadmap.
There is interest in the potential of a new development fund that may be brought in to lure developers and speed up the deployment of decentralized applications on the Pi Network. Such a move could also be useful in shoreing up the security of the platform’s infrastructure, an area that is becoming a growing point of worry across the bigger crypto ecosystem.
Speculation is further boosted by on-chain information leaked by crypto analyst Dr. Altcoin, indicating nearly 84.8 million Pi coins were deposited to a previously unknown recipient. This movement comes amid rumors about a possible listing on the leading crypto exchanges such as Binance, HTX and Upbit. Data points on one or more of these platforms could help to exponentially increase Pi Coin’s user base as well as its accessibility to trade.
Market Involvement In Pi Ecosystem
Active behaviour of the Pi Core Team has also triggered investor interest. The team’s participation in the Token2049 event in Dubai was a tangible involvement with the representatives of the industry, such as Changpeng Zhao, founder of Binance, and TRON founder Justin Sun. These relationships have only fueled rumors that Pi Network may be just short of more meaningful partnerships or exchange listings, as highlighted in our earlier post.
Market dynamics in a wider scope may also play a supportive role. After the most recent policy call off by the U.S. Federal Reserve, the whole crypto market has been getting renewed momentum, setting a good backdrop for Pi Coin’s recent performance.
Should the coin manage to decisively break through prevailing resistance levels, market watchers suggest that $1 could soon become a reality. Nevertheless, any fall below the vital $0.5645 level support may reintensify the pressure, having the price again slide towards its historical low of $0.40.
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