Pi Network (PI) Coin Price Is at $0.7225 Showing Signs of Bullish Exhaustion

The price of Pi Network (PI) coin is at $0.7225 on Thursday, 10th May, showing signs of bullish exhaustion after experiencing a daily decline of 3.50%, following a 30% price surge in the last two days.

At the time of writing, the short-term price movement is at a crossroads, but the Pi coin still has upside potential of up to 100%.

Let’s discuss how chart pattern breakouts, large transactions by whales, and rumors of re-listing can trigger these drastic price movements.

3 Reasons Why The Price Of Pi Network Can Double

The crypto market is showing an upward trend again, and tokens like PI are capitalizing on the momentum.

Between May 8 and 9, the Pi Network token price formed two bullish engulfing candles, which marked a 30% spike.

Read Also: Crypto Whales Are Loading Up On These 3 Altcoins Before The Big FOMC Shake-Up!

As of May 10, the Pi coin price is trying to break the $1 mark again, supported by several factors that reinforce positive predictions for the Pi Network.

Let’s take a closer look at three reasons why Pi’s token price could surge by 100% in the current week.

Adam And Eve Pattern Breakout Targets $1.54

The price of the Pi Network coin plummeted 86% from $2.99 to $0.40 between February 26 and April 5, reflecting the formation of a strong base.

As a signal of revival, the price movement of PI formed an Adam and Eve chart pattern on the 4-hour price chart.

The V-shaped reversal from $0.40 to $0.77 is referred to as “Adam”, followed by a curved reversal called “Eve”. The neckline remains stable at $0.77 and is a key obstacle in the short term.

According to technical analysis, the breakout target was calculated by adding the depth of the V pattern to the breakout level. In line with Pi Network’s price prediction in the broader market, a potential upside of almost 100% towards $1.54 is possible.

The bullish signal was reinforced by the positive crossover between the 50 and 100 exponential moving averages (EMAs). In addition, the Relative Strength Index (RSI) in the 4-hour chart has entered the overbought territory, indicating strong buying pressure. Hence, the technical indicators favor the price breakout prediction.

Conversely, if the price fails to break the resistance zone at $0.70, then the Pi coin price could drop towards the 200 EMA at $0.69. In case of a further drop below $0.69, this bullish pattern could be invalidated and the price is likely to retest the 50 EMA around $0.6414.

Is Binance Collecting Pi Coin Ahead Of Pi Network Listing?

Amid the upward trend in PI prices, a single wallet was found to hold 155 million PI coins – a number that surpasses the holdings of major crypto exchanges such as Gate.io and OKX.

The recent withdrawal of 70 million PI coins from OKX in a single transaction indicates high confidence from whale investors. This large withdrawal sparked speculation that the wallet may belong to Binance, as listing rumors circulated.

According to the latest update, Binance is rumored to be considering listing Pi Network according to their latest token listing criteria.

HTX Exchange Listing Rumors Reapear

HTX (formerly Huobi) has posted the Pi Network logo on platform X (Twitter) three times, as if hinting to PI investors about a possible listing.

HTX is one of the top exchanges, and if the Pi coin is officially listed there, it will pave the way to the main exchange ecosystem (CEX).

Although there has been no official statement, the series of clues have sparked optimism among investors.

With the emergence of these rumors and the withdrawal of large amounts of coins, there is a stronger indication of a potential breakout of PI prices that could break the $1 level again.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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