- PI faced resistance near $1.75 amid weak buying pressure.
- Market uncertainty persisted as Binance’s listing delays affected sentiment.
Pi Network [PI] showed increased price fluctuations at press time, reflecting shifts in market sentiment. The token traded at $1.67, with a 2.28% daily increase and a market cap of $11.41 billion.
Despite a 2.15% drop in trading volume, PI has remained stable within a key price range. Support was forming between $1.51 and $1.66, with signs of accumulation.
If buyers gain momentum, the price could break above $1.75, potentially pushing toward $1.90.
However, failure to sustain support might lead to another downturn. A drop below $1.46 could intensify bearish momentum, triggering a potential decline toward the $1.50 range.
Pi Network’s surge and Binance listing uncertainty
Since its official launch on the 20th of February, Pi Network witnessed an explosive debut. PI token surged by 705% on its first trading day, fueling strong bullish momentum.
Within a week, the token soared by 1,458%, reaching an all-time high (ATH) of $2.98 on the 27th of February. During this peak phase, the token had skyrocketed 2,856% from its launch price.
However, the rally was short-lived. PI quickly lost over 40% of its value from its peak as buyers started taking profits. The steep decline reflected market uncertainty and exhaustion among early investors.
Speculation over major exchange listings has influenced PI’s price movements, but delays in securing a Binance listing have dampened enthusiasm.
On the 17th of February, Binance held a community poll, where only 0.12% of its 250 million users participated, totaling 294,957 voters.
Despite the low turnout, 86% supported PI’s listing, but Binance clarified that the decision depended on its official review process.
The uncertainty surrounding this listing continues to affect market sentiment and investor confidence.
Futures data points to weakened market activity
Recent Futures data from Coinglass revealed shifting market participation. Initially, Open Interest surged, indicating rising trader activity.
As PI’s price peaked near $2.80, Open Interest began to decline, suggesting profit-taking and reduced exposure.
By the 3rd of March, both OI and price dropped, signaling lower engagement from traders.
This trend indicated weakening bullish momentum, as many investors hesitate to re-enter the market. Without strong buying pressure, further price volatility is likely.
Technical indicators suggest cautious optimism
Market indicators presented mixed signals for PI’s near-term price movement. The Relative Strength Index (RSI) was 41.03 at press time, indicating a neutral-to-slightly oversold condition.
A move above 50 on the RSI would suggest growing buying pressure.
The MACD (Moving Average Convergence Divergence) remained in bearish territory, with the MACD line at -0.0534 below the signal line at -0.0494.
However, the histogram is shrinking, suggesting that selling pressure is fading. If a crossover occurs, a shift toward bullish momentum could follow.
For PI to regain strength, buyers must push the price above $1.75. A failure to do so might result in further consolidation or another decline.
