The Pi Network price remained stable this week, having been left behind as other cryptocurrencies surged. The token trades at $0.60, a level it has maintained for several weeks. This price action could be the calm before the storm as a top exchange hints at listing.
Pi Network Price Could Soar Ahead of Potential HTX Listing
The price of Pi Coin has lagged behind the performance of other cryptocurrencies, making it one of the top laggards in the crypto market. The price has dropped by almost 80% from its highest level this year.
In contrast, Bitcoin’s price has jumped to $94,000, while other top coins like Sui and Bonk have jumped by double digits. The market cap of Solana meme coins has jumped from $6 billion a few days ago to over $10 billion today.
According to the Wyckoff Theory, when an asset moves sideways for an extended period, it is often a sign that it is in an accumulation phase. The accumulation phase is then followed by the mark-up phase, which is characterized by the Fear of Missing Out (FOMO).
The potential catalyst for the Pi Network price surge is the HTX exchange listing. This is because HTX’s social media page has posted two clues related to this listing. For example, the post below has different tokens, including Pi, a token that the exchange has not listed.
An HTX token listing would be a positive development for Pi Network, as it would expose the platform to millions of its users. Historically, tokens often jump by double or triple digits when one or more exchanges list them. In Pi’s case, most gains would occur if exchanges like Binance and Coinbase listed it.
Read more: This Historical Pattern Points to a 70% Litecoin Price Rally
Pi Network Price Technical Analysis
The four-hour chart indicates that the Pi coin price has remained stable over the past few weeks. It has remained above the ascending trendline that connects the lowest swings since April 7.
The coin has formed a bullish divergence pattern. This occurred as the MACD and the Relative Strength Index (RSI) have continued to rise over the past few weeks. This pattern often leads to more gains.
The coin has also formed an ascending triangle-like pattern, a popular bullish continuation sign. Therefore, it is likely to continue rising as bulls target the key resistance level at $0.7715, the highest swing this month.
If the price moves above that level, it may lead to a short squeeze and potentially reach the all-time high of $3.
Read more: Can a $10K Bet on Pi Network Make You a Crypto Millionaire?
