The PI network is up 20% over PI Day and holds support at $1.40.
The PI Network (PI) has skyrocketed 20% in the past day, currently trading at $1.60, but exceeds 45% from the all-time high of $2.98, achieved in February. However, it is stable at a local support level of $1.30 to $1.40, enhanced by the approaching PI day.
Pi Day, which will be held on March 14th, is an important event for the PI ecosystem. Specifically, users must move PI mining on the testnet to the live operation mainnet. The mainnet transition is expected to be completed by 8am on March 14th, in accordance with the extended grace period deadline. This date marks the sixth anniversary of the project's official launch. However, users still face difficulties with the KYC verification issues required to migrate PI coins to the mainnet due to technical issues.
On the bright side, Pi Price has surpassed local support levels above $1.4 for three days. It also currently surpasses the 21-day EMA, indicating a potential reversal attempt. On the four-hour chart, the price printed five consecutive, increasingly bullish green candles. Local resistance is around $1.75-2.00. As volume continues to increase, the price may be tested at a resistance level of $2.
The main catalyst appears to be a potential list for Binance, as more than 87% of voters in February voted on the Binance Spot Market list PI. That being said, there is uncertainty whether the list will occur when Binance is quiet.
