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Binance Skips Pi Network Listing Again Amid Heavy Token Sell-Offs
In a surprise move, cryptocurrency exchange Binance has once again put on hold the listing of Pi Network (PI) tokens. This decision comes as the market is experiencing a massive sell-off, with PI token value dropping by 5% in the past day. The token’s market cap has also taken a hit, decreasing by 6% to stand at around $4.4 billion.
According to recent tweets from Crypto Sat, a well-known crypto analyst, PI is showing signs of forming a bullish reversal pattern on its two-hour price chart. Despite the current bearish trend, the price action appears to be pressing against the lower boundary of a falling wedge pattern, suggesting that bearish momentum may be waning.
If bulls step in and push the price above $0.68, a breakout could trigger an upward move. However, traders are advised to wait for confirmation through volume and a sustainable close above resistance before making any investment decisions.
On its four-hour chart, the Relative Strength Index (RSI) is seen nearing oversold territory at 29.40, indicating that a price recovery may be imminent if buyers regain control. A sustained decline could lead to further losses, while holding support around $0.64 could result in a rebound.
Bollinger Bands also indicate increased volatility, with the price hovering near the lower band at $0.64, hinting at a potential bounce. However, a break below this level could signal continued declines, while maintaining support may lead to a reversal.
As PI token holders await its eventual listing on Binance, they can only hope that this decision is not a sign of more bearish market movement ahead.
Source: https://www.coinspeaker.com/binance-skips-pi-network-listing/
