Pi Network has shown remarkable stability, surging to $1.60, a 158% increase in a challenging market. With a self-reported market cap of $10.7 billion, it is now the 11th largest cryptocurrency. Speculation surrounding a potential Binance listing and technical indicators suggest prospects for reaching its all-time high.

The Pi Network price has shown remarkable stability amidst a broader cryptocurrency market downturn. On Tuesday, Pi surged to $1.60, marking an increase of over 158% from its recent low. Following the launch of its mainnet last week, the network’s self-reported market capitalization escalated to $10.7 billion, making it the 11th largest cryptocurrency by market value, according to CoinMarketCap.

While the majority of cryptocurrencies experienced significant declines, with many blue-chip tokens like Bitcoin and Ethereum dropping over 10%, Pi Network’s performance stood out. In fact, the total cryptocurrency market capitalization fell by 6%, with 24-hour liquidations soaring by 477% to reach $1.57 billion.

A critical factor contributing to the rise of Pi Network appears to be speculation regarding a potential listing on Binance, the world’s largest cryptocurrency exchange. Binance is currently conducting a poll to gauge user interest in listing Pi, and preliminary results indicate widespread support.

Listing on Binance would be a pivotal event for Pi Network, given Binance’s vast user base of 200 million globally. Furthermore, the exchange may activate various trading options, including spot and futures markets. This potential listing could compel other leading exchanges, such as Coinbase and Kraken, to consider listing Pi as well.

Pi Network’s price is anticipated to climb further as it approaches the conclusion of its Know Your Customer grace period, set to end on February 28. After this date, the opportunity for pioneers to migrate Pi coins mined in the past six months to the mainnet will be limited, thereby potentially influencing market dynamics.

Technical analysis indicates that Pi was trading at $1.60 on Tuesday, closely following an ascending trendline that connects previous swing lows since February 22. This setup forms part of an ascending triangle pattern, which is often viewed as a bullish continuation signal. Additionally, the price’s movement above the 25-period moving average suggests that bullish sentiment is prevalent, with a breakout above the $1.67 resistance likely to propel the price towards the all-time high of $2.20, representing a potential 36% increase from current levels.

In summary, Pi Network has displayed notable resilience in a turbulent cryptocurrency market, with significant price increases linked to speculations about a possible Binance listing. As this emerging cryptocurrency nears its Know Your Customer deadline, anticipation for its market potential grows. Strong technical indicators reinforce a bullish outlook, suggesting that Pi may reach new heights in the near future.

Original Source: crypto.news

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