Can Pi Coin Price Hit $2 Amid Latest Backing From Major Exchange?

Key Insights:

• Pi Network’s $PI gains USD1 trading pair on MEXC, which has positively impacted Pi coin price.
• Insider Pi token sales and centralization raise skepticism over genuine demand, impacting price sustainability above $1.
• $PI price holds near $0.76 resistance with RSI at 45.7, signaling potential consolidation before any bullish breakout.

The Pi Network has recently gained notable attention following the listing of its native token, Pi Coin ($PI), on major cryptocurrency exchanges. Most recently, MEXC Exchange launched the first USD1 trading pair for Pi Coin, accompanied by zero trading fees.

This move has increased market speculation about the Pi Network price potentially reaching new highs. The listing follows Kraken Pro’s earlier launch of perpetual futures trading for $PI, signaling growing institutional interest in the token.

MEXC Listing Spurs Optimism for Pi Network

MEXC’s introduction of the Pi/USD1 trading pair is considered a major development for the Pi Network. As the first centralized exchange (CEX) to provide a USD1 pair for Pi Coin, the listing makes these coins easier to trade.

To drive volume before Pi Day celebrations, Beaxy launched a promotion that lures users to trade with zero trading fees till June 26. This has gained people discussing whether the Pi Network price can go as high as $2 soon

According to a spokesman close to the Pi project, the listing is key to offering greater liquidity and attracting a wider investor base for USD1 trading with no fees. With more traders coming into the market, this could affect the price trajectory of the token. However, the actual price movements will be dictated by sustained demand and market activity from the point of being listed.

Insider Activity and Network Centralization

According to recent on-chain data, there have been large transfers of Pi coins out of OKWX exchange wallets with over 100 million Pi tokens in 3 days. Most of these high-volume moves seem to be connected to early stakeholders and even the Pi Core Team.

While this activity may be a signal that the project is preparing for these broader network developments. It does create questions about how tokens will be distributed and the centralization that this creates.

Earlier this month, it was reported that insider wallets sold millions of Pi tokens. It reportedly led to the price falling nearly 50%.

The total number of validator nodes has grown from three to 23 across the globe. The control of the network has remained mostly centralized. This, has led some analysts to doubt whether the Pi Network price is actually driven by authentic market demand or whether it exists through internal manipulation.

An industry analyst noted, “The trust gap remains a concern as many investors remain uncertain about the true decentralization and governance of the Pi Network.” This skepticism could affect Pi Coin’s ability to maintain price gains, especially at higher levels such as $2 despite the developments surrounding the token including the recent support by the Kraken exchange.

Concurrently, the Pi Core Team has announced plans to convert Fireside tokens into Pi Coin and migrate larger volumes onto the mainnet. These moves could reduce the circulating supply and influence the token price positively if demand follows.

Current Performance of Pi Coin

Despite having increasing exchange support, Pi coin price displayed mixed signals in recent weeks. The price peaked briefly above $1.60 earlier this month, before retreating to $0.76.

In the last 24 hours, though, the token has declined by almost 3% on daily trading volume that tumbled by more than 60% from recent highs. All this suggests momentum has stalled and that investor interest is cooling for a little while.

According to recent charts, the Pi Network price has seen a slight downsize from a high near $0.80, to now rest around $0.76. This has placed the price near the middle of the Bollinger Bands, suggesting lowered volatility and possible consolidation.

Currently, the 20-period simple moving average (SMA) is located right near $0.77. It is the level that happens to be acting as the resistance level at the moment.

The Relative Strength Index (RSI) is around 45.7, which means it’s neither in the overbought zone nor the oversold zone. Recent green candles suggest buying interest near the lower Bollinger Band. But the resistance zone around $0.77 to $0.78 is a tough nut to crack. Should Pi Coin break above the upper Bollinger Band, at around $0.79, bullish momentum will likely be reignited.