Good news for Pi Network enthusiasts! After a slight dip in recent days, the price of PI, its native token, is back on the upswing. In the last 24 hours alone, it’s jumped by 6%, bringing the current trading price to $1.47. 

This price recovery is picking up steam just in time for Pi Day on March 14th. Adding to the excitement, there’s also growing chatter within the market about a potential listing on Binance, a major cryptocurrency exchange.

PI Jumps 21% as Trader Confidence Rises

The price of PI has actually surged by a significant 21.3% over the past day! This impressive climb is being fueled by increasing whispers of a possible Binance listing and the much-anticipated Pi Day announcements coming on March 14th. 

This date is also important as it’s the deadline for users to complete their KYC (Know Your Customer) verification and migrate their PI holdings from the mobile app to the Mainnet blockchain. These key upcoming milestones are creating a fresh wave of demand for PI, naturally pushing its price upwards.

Looking at the charts, the steady climb of PI’s Relative Strength Index (RSI) clearly shows this increased buying activity. More and more traders are jumping into the market to buy PI, and the RSI, a tool used to measure momentum, is trending upwards, getting ready to cross above the crucial 50 mark as we speak. 

When an asset’s RSI is aiming to break above the 50 level, which is considered neutral, it’s a sign that market momentum is shifting from negative to positive. Essentially, it means that buying interest is growing stronger, and if this trend continues, we could see PI’s price climb even higher. 

If the RSI successfully moves above 50 and stays there, it would really solidify the positive feeling around PI and likely bring in even more traders looking to ride the wave of upward momentum.

Adding further weight to this optimistic view, the positive reading on the Chaikin Money Flow (CMF) indicator confirms the bullish outlook. This indicator, which tells us about the flow of money into and out of PI, is currently above zero at 0.16.

This positive CMF reading indicates that there’s more buying activity than selling pressure happening with PI right now. It suggests that investors are feeling confident in PI, making further price increases seem more likely.

Can PI Bounce Back to $2 After Recent Dip?

While PI is currently showing positive signs, it’s worth remembering that it recently experienced a downturn, falling by over 19% in the past week. This drop pushed its price below a key level of $1.62, which is now acting as a significant hurdle. If the current positive trend holds and demand for PI continues to rise, we could see the price try to break through this resistance.

Successfully breaking above $1.62 could pave the way for PI to climb past $2 and possibly get closer to its all-time high of $3.

However, it’s also possible that we could see a return of profit-taking, which would throw a wrench in this optimistic outlook. If selling pressure suddenly picks up again, PI’s price could reverse course and resume its downward trend, potentially falling back to $1.34.