Binance Listing Rumours Spark PI Price Breakout Attempt

Rumours about Binance listing Pi Network have emerged after a Binance Wallet started testing transactions on the Pi Chain. While there is no official confirmation

Rumors about Binance listing Pi Network have emerged after a Binance Wallet started testing transactions on the Pi Chain. While there is no official confirmation for Binance, several X users have noted many transactions from the Binance Chain (BEP2) to the Pi Chain.

The rumors come as the PI price shows some bullish signs and attempts to break out from the $0.75 resistance area. Let’s look at some charts and see if a breakout is likely.

PI Price Reaches Resistance

The PI price had fallen under a descending resistance trend line since its all-time high of $2.98 on Feb. 27.

The cryptocurrency’s downward movement led to an all-time low of $0.40 on April 5.

The price rallied afterward, breaking out from the resistance trend line and reaching the $0.75 horizontal resistance area.

Even though the first breakout attempt was unsuccessful, PI created a higher low in May, the first one since the all-time low.

Today, the PI Network price attempts to break out from the resistance area, which, if successful, could lead to a high of $1.40.

Interestingly, the Relative Strength Index (RSI) moved above 50 (green icon) for the first time in history, enhancing the likelihood of a breakout.

Short-Term PI Breakout

The short-term four-hour analysis supports the bullish readings from the daily one, showing a breakout from a symmetrical triangle.

Even if the movement is part of a corrective A-B-C structure, the PI price will likely reach a high of $1.15.

Alternatively, the PI price could move much higher if this is the beginning of a new five-wave upward movement.

In both cases, a breakout above the $0.75 resistance area will likely push the PI price to new highs.