Aniket Pujari
Pi Network is up 20% ahead of Pi day, holding support at $1.40.
Pi Network (PI) has surged by 20% in the past day, currently trading at $1.60, though it’s still down by over 45% from its all-time high of $2.98 achieved in February. However, it’s holding steady at $1.30-$1.40 local support level, bolstered by the approaching Pi Day.
Pi day, which falls on March 14, marks an important event for the PI ecosystem. Specifically, users are required to move their PI mined on the testnet to the live, operational mainnet. The mainnet migration is to be completed by 8:00am UTC on March 14, as per the extended Grace Period deadline. This date also marks the 6th anniversary of the project’s official launch. However, users are still facing difficulties with the KYC verification required for migrating their PI coins to the mainnet due to technical issues.
On the bright side, PI price has been holding above $1.4 local support level for 3 days now. It’s also now pushing above the 21-day EMA, showing attempt at a potential reversal. On the 4-hour chart, the price has printed 5 consecutive, increasingly bullish green candles, which were accompanied by increasingly higher volume. Local resistance is around $1.75 – $2.00 level. If volume continues increasing, the price might test the higher resistance level at $2.
The major catalyst seems to be potential listing on Binance, as over 87% of February vote participants voted listing PI on Binance spot market. That being said, there’s uncertainty whether the listing will happen as Binance has keeping been quiet.
