Despite Recent Decline, the Pi Community Remains Hopeful About a Potential Recovery

Despite facing a significant decline in recent weeks, the Pi community remains hopeful about a potential recovery, with some speculating a surge back to the $3 all-time high (ATH).

The price of Pi Coin (PI) has dropped nearly 50% in the past two weeks, leading to increased volatility in the Pi Network market.

The recent price action suggests a possible bullish reversal. On the 1H chart, Pi Coin has broken out from a descending parallel channel, a pattern that often precedes an upward move. However, Pi Crypto is now testing support at the upper trendline. If this support level fails, the price could continue its bearish run.

Relative Strength Index (RSI) is also showing signs of recovery. RSI has been making higher lows, and it is currently at 52, which indicates that there are some traders buying the dip. Additionally, the Awesome Oscillator (AO) is showing green bars, which represents bullish divergence. These technical signs are indicating that if the momentum of buying increases, Pi Network Coin price could make another attempt at breaking $1.

As optimism around the Pi Network mounts, the community is pushing for major exchanges, like Binance and Coinbase, to list the token. Earlier this year, Binance had opened a vote for users to decide which coin they preferred to be listed next, with Pi Coin securing a vote count of over 100,000.

However, Binance ultimately decided against listing Pi Coin, despite the community's strong preference. This decision sparked anger among Pi Coin holders, who felt that their voices had been ignored.

Despite the setback, the Pi community remains hopeful about a potential recovery, with some speculating a surge back to the $3 all-time high (ATH). A recent post by Dr. Altcoin, a prominent Pi Coin advocate, highlighted that large purchases have been occurring despite the market downturn.

“One account alone bought 3.65 million Pi Coins across six transactions. If we continue to see buying at this level, it could be a good sign for a stronger rebound,” said Dr. Altcoin.

The potential for exchange listings is a key driver of speculation. If Binance were to list Pi Coin, it could significantly boost liquidity and trading volume, leading to a price surge.

One trader, SL-Trades, pointed out that Pi Coin is stable with strong support between $0.82 and $0.85 as holders await positive updates from the Pi Core Team. According to Trader Edge, if the price breaks through the $1.51 resistance, it could retest $3.

However, several factors could hinder its growth. One major issue is the lack of a fully open mainnet, which limits liquidity and hinders the free exchange of Pi Coin between traders. In contrast to regular cryptocurrencies, which are founded in an open-ended environment, Pi is semi-closed, compromising decentralization and transparency.

Moreover, Binance’s refusal to list Pi Coin earlier this year supported its steep decline. Despite massive support from the community through a user poll, Binance has yet to give the listing, which has angered Pi Coin holders. Other platforms, including South Korea’s Upbit and Bithumb and the U.S.’s Kraken and Gemini, could be able to spur demand if they list the token within the next few months.

Analysts have mixed opinions on Pi Network price movements. For Pi Coin to return to its ATH of $3, several factors must align. Exchange listings, adoption rates, and positive market sentiment will all be accountable for defining its trajectory. While technical trends suggest the possibility of a short-term rebound, long-term sustainability is reliant on the progress of the Pi Network ecosystem.

There is also growing speculation that Pi Coin could follow the path of major altcoins like XRP, Cardano, and Solana in securing an Exchange-Traded Fund (ETF). If such an ETF were approved, it could provide institutional investors with exposure to Pi cryptocurrency value, leading to increased demand and price appreciation.

For now, traders and investors will be watching to see if Pi Coin can continue its momentum or if it is going to get driven lower on selling pressure.