The Pi Network price has stalled as the community awaits its potential listing on exchange giant Binance, but with no success. In recent weeks, the token’s trading volumes have declined significantly to $37 million at press time, and this has forced the price to fall into a tight consolidation range between $0.57 and $0.63.
While the Pi Coin team has made several attempts to solve multiple issues surrounding the project, like the lack of transparency and decentralization through the recent mainnet wallet activation and the Banxa KYB approval, the Binance exchange listing remains elusive. In this article, we explore some of the reasons why the largest exchange has failed to list PI.
Reasons Binance is Not Listing Pi Network as Price Struggles
There are multiple reasons why the Binance exchange has failed to list the Pi Network token, even as the price continues to struggle against bearish headwinds. These include the following:
Pi Coin’s Centralization
One of the reasons why Binance has not listed the Pi Network token is because of the concerns around the project’s centralization. Data from PiScan shows that the three largest wallet addresses holding PI are owned by the Pi Core team, which holds more than 67 billion tokens. These holdings are more than half of the total PI token supply of 100 billion coins.
Lack of Utility
The Binance listing delay for Pi Coin comes as the token remains prone to high volatility due to its minimal utility. This lack of utility has also been one of the key reasons why the Pi Network price has struggled to make any meaningful gains since its launch in late February. This high volatility leaves the token holders prone to record significant losses as the price movements are solely dependent on demand and supply.
Insufficient liquidity
The other reason why Binance is not listing Pi Network is the lack of sufficient liquidity, with trading volumes on the exchanges where it is currently listed remaining notably low. For instance, in the last 24 hours, PI had the lowest volumes among the top 30 largest cryptos by market cap. This means that if Binance were to list the token and a trader makes a large order, it would cause unstable prices, making it a highly risky asset.
Pi Network Price Analysis
Pi Network price trades at $0.58 with a slight 0.3% decline in 24 hours. This top altcoin is on the verge of entering a key demand zone, which may cause a surge in the buy-side pressure, and support an upward recovery.
Besides entering this demand zone, Pi Coin is also at a critical point as it heads towards a breakout from a descending triangle pattern on the two-hour price chart. If it can successfully breach the resistance at the upper trendline of this triangle, it could trigger a 9% gain in price, leading to the token surging to $0.64 in the near term.
To confirm the entry of buyers in this demand zone that will cause an upward trend in the price of Pi Network, the RSI needs to cross above 50. Doing so will confirm a bullish momentum and stir a positive Pi network price forecast that may kickstart the comeback to $1.
To sum up, the listing of the Pi Network token on the Binance exchange remains elusive, and this may be among the reasons why the altcoin is struggling in its price recovery. The top exchange may be shunning PI because of multiple factors, including insufficient liquidity, lack of centralization, and minimal utility.
The post Pi Network Price Analysis: 3 Reasons Why Binance is Not Listing Pi Coin appeared first on CoinGape.
