PI Network price rises after a major Kraken development
Pi Network price stabilized near its all-time low as optimism rose that it would be listed on Kraken, a top crypto exchange.
Summary
- Pi Network price crashed to a record low amid the ongoing crypto crash.
- Kraken, a top crypto exchange, has added it to its listing roadmap.
- Technical analysis suggests that it has more downside to go in the coming days.
Pi Network (PI) rose to $0.1450, a few points above the all-time low of $0.1300. It remains significantly lower than the all-time high of $3, with its market capitalization falling from nearly $20 billion to $1.3 billion today.
One major catalyst for the coin is its addition to Kraken’s page for potential listings. It is listed in the Chains category, which also includes tokens such as TX, Conflux, Pepecoin, MegaETH, and Quai.
Being listed on this page does not guarantee future listing. However, it has given the community hope that it will be available on one of the largest crypto exchanges today.
Kraken has over 15 million users globally, with 1.5 million active each month. It generated over $2.2 billion in revenue last year and raised $800 million at a $20 billion valuation in November ahead of its IPO.
A Kraken listing would be a big thing as Pi has failed to attract any additional exchanges since its mainnet launch in February last year. Most of its trading occurs on a handful of exchanges, including OKX, Gate, Bitget, and MEXC.
Additionally, the listing will likely encourage more exchanges to list it as well. Some of the most important exchanges that would trigger a Pi Coin price surge are Binance, Coinbase, and Upbit. Binance is the most important, while Coinbase and Upbit have large market shares in the US and South Korea.
Pi Network price technical analysis
The daily timeframe chart shows that the Pi coin price has been in a steep freefall in the past few months. It dropped to a record low of $0.1304 as the crypto market crash intensified,
The coin has moved below all moving averages and the crucial support level at $0.1530, its previous all-time low. All oscillators are pointing downward, indicating that downward momentum is continuing.
Therefore, the most likely Pi Network price outlook is bearish, with the next key target being the psychological $0.10 level. However, the main risk of going against it is that a Kraken listing would fuel a short-term short squeeze.
