Will Pi Coin Price Surge to $2 if HTX Lists Pi Network Tomorrow?
The Pi Coin price is falling today as the recent surge takes a breather, and as some investors take profits. This retreat may be calm before the storm as the Pi Network is gearing for a major announcement tomorrow, potentially, a listing by HTX. This article explores whether the coin will pump to $2 if this listing happens.
Pi Network price trades at $1.1130 today, down by over 33% from its highest level this week, and 100% above its lowest level in April.
Will the Pi Coin Price Surge In Case of an HTX Listing
Pi Coin price may be on the verge of a big pump as traders wait for a major news event on Wednesday, May 14 as the Core Team announced last week. This was an unprecedented move since the developers have never teased of a major news announcement before.
The announcement comes two weeks after Nikolas Kokkalis, the founder, attended the Token2049 event in Dubai. This was a major event in which most crypto industry leaders, including Justin Sun and Changpeng Zhao, participated.
The news will come as another gathering, Consensus Toronto, starts. Like Token2049, Consensus will also feature the most influential leaders in crypto, including policymakers like Robert Hines.
Some crypto analysts speculate that Pi Network will announce a listing by a major crypto exchange. One of the names that keeps coming up is HTX, a company for which Justin Sun acts as an advisor. Hopes of an HTX listing have continued rising as its X page continues adding its logo on most of its recent posts.
Other potential exchanges that may decide to list it are Binance and Upbit. Binance users voted unanimously to accept its listing, while Upbit may list it because of the large number of Pi holders in South Korea. Historically, crypto prices often jump by even triple digits when large exchanges list them.
Pi Coin price may also rise if there are other news announcements like a major partnership or a token burn. A token burn would help to offset the concerns of its unlocks. The caveat, however, is that the initial pump may be short-lived because of a concept known as buying the rumor and selling the news. This is a common situation where an asset rallies ahead of a major event and then drops when it happens.
Pi Network Price Analysis
Technicals suggest that the Pi Coin price has more room to climb after its current dip. It is slowly forming a bullish pennant pattern, which is made up of a vertical line and a symmetrical triangle pattern on the eight-hour chart.
The other bullish aspect is that the decline is part of forming the second phase of the Elliot Wave chart pattern. It has already cleared the first phase by moving from a low of $0.5572 last week to a high of $1.6638.
If the Elliot Wave works out, chances are that it will enter the third phase. That wave may push it to the 78.6% retracement point at $2.455. This view will be confirmed if it rises above this month’s high of $1.6638.
A drop below the psychological point at $1 will invalidate the bullish Pi Network price forecast as that will signal that there are still more bears interested in pushing it lower.
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