Pi Network has seen a 20% increase ahead of Pi Day, maintaining support at $1.40.
Pi Network (PI) has climbed 20% within the last 24 hours, trading currently at $1.60, despite still being over 45% lower than its peak of $2.98 reached in February. However, it is holding firm at a local support level between $1.30 and $1.40, thanks to the upcoming Pi Day festivities.
March 14, known as Pi Day, is a significant date for the PI ecosystem. It marks the deadline for users to transfer their PI mined on the testnet to the functioning mainnet. This migration should be finalized by 8:00 AM UTC on March 14, in accordance with the extended Grace Period guidelines. This date also commemorates the sixth anniversary of the project’s official launch. Nevertheless, many users are encountering challenges with the KYC verification process needed for the transition due to ongoing technical difficulties.
On a positive note, the PI price has remained above the local support level of $1.40 for three days straight. It is also breaking past the 21-day EMA, suggesting a possible reversal. On the 4-hour chart, there have been five consecutive bullish green candles, each accompanied by rising volume. Local resistance is observed around the $1.75 to $2.00 range. If the volume continues to climb, the price may test the upper resistance level at $2.
A key factor driving this surge appears to be the potential for a listing on Binance, as over 87% of those who voted in February supported the idea of listing PI in the Binance spot market. However, there remains uncertainty regarding whether this listing will actually occur, as Binance has not released any updates on the matter.