Pi Network price bounced back after falling to a record low as investors bought the dip following some important ecosystem news. The token rose to $0.147, up by 15% from its lowest level this week. Still, it remains over 93% below its all-time high, which it reached in February last year.
Pi Network Price Rises After Major Developments
The Pi Coin price staged a rebound as a new crypto market rally happened following the recent crash that pushed Bitcoin and other altcoins to multi-year lows.
One major Pi Network news was that it was added to the listing roadmap by Kraken, a top American crypto exchange with millions of users and a $20 billion valuation.
The roadmap listing is important as it raises the possibility that the company will list it in the coming weeks or months. Such a listing would be a major one, as it will be the first one after the mainnet launch in February last year.
The listing may also push more crypto exchanges, especially Binance, Coinbase, and Upbit to list it, a move that will make it available to millions of customers.
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Meanwhile, the Pi Network team is working hard to execute the validator rewards distribution in March this year. They have completed the design and implementation, with the testing going on today.
Pi Network has also worked hard to ensure that more pioneers are able to migrate their tokens to the mainnet. The new developments means that over 2.5 million pioneers from some regions will be able to migrate their tokens in the coming weeks or months. Over 16 million pioneers have already migrated to the mainnet since the process started.
Pi Coin Price Technical Analysis
The daily timeframe chart shows that the Pi Network price has crashed in the past few months, moving from a record high of $3 in February last year to a record low of $0.1300 this week.
Pi token moved below the important support level at $0.1530, its previous all-time low on Friday as the crypto market crashed. It has now rebounded and retested that price. A break-and-retest pattern is a common continuation sign in technical analysis.
The token remains below all moving averages and the Supertrend indicator, a sign that bears are in control.
Therefore, the most likely Pi Network price prediction is bearish as it still faces some major challenges. However, the main risk for shorting Pi is that the potential Kraken listing may lead to a strong short squeeze.
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