PI Crypto Rides Bullish Momentum for a 38% Weekly Gain

Key Insights:

• PI crypto surged to $0.29 after an impressive parabolic move, riding on the Kraken listing and mainnet upgrade.
• Deeply overbought conditions highlight profit-taking risk.
• The Pi coin listing on Kraken marks a critical step in the project’s journey.

Pi Crypto, the native cryptocurrency of the Pi network, became the biggest gainer among the top 50 coins by market cap. Experts expected it to be a “buy-the-rumor, sell-the-news “ event.

Pi coin surged as high as $0.29 earlier in the day and had a $0.20 press time price. Its weekly change revealed that it was up by over 38% in the last 7 days. This latest rally propelled this altcoin to levels last seen in November last year. In fact, its uptick this week resulted in a key 6-month resistance retest.

A push above the same resistance may result in more upside, as it would signify the cryptocurrency’s exit from its bottom range.

Pi crypto price action | Source: TradingView

Now the big question is whether Pi can maintain the current momentum. It was already oversold on the 1-day chart. So, there was a higher likelihood of short-term profit-taking, especially considering that the price has also retested a key resistance level.

Here’s Why Pi Crypto is Rallying This Week

Pi coin’s newfound momentum was not random. Its main catalyst was the recently announced Kraken listing scheduled for March 13th. Anticipation around Pi Coin’s launch on Kraken manifested the excitement that the cryptocurrency has achieved over the last few days.

Pi Crypto listing on Kraken | Source: Kraken on X

The listing announcement generated excitement because Kraken is one of the top crypto exchanges in the world. Moreover, it has been around since 2011, and its HQ is based in the US (Wyoming).

Kraken is currently in the top 20 crypto exchanges by trading volume. This listing, therefore, means Pi crypto will be accessible in one of the biggest markets in the world.

Although Pi Crypto has so far rallied by over 60% since the start of March, analysts anticipate a retracement. That’s because coins historically rally before major events and then retreat afterwards. A phenomenon commonly known as “buy-the-rumor-sell-the-news.”

If the phenomenon plays out, Pi crypto would likely experience a sizable retracement after the Kraken launch. This is because of the profit-taking by holders who took advantage of the listing news by buying at recent lows.

What Does the Future Look Like for Pi Crypto?

Pi crypto and Pi network’s journey into the mainstream was not exactly smooth. In fact, the network took about 5 years from launch to secure a listing on CoinMarketCap, let alone exchange listings.

Before that, the network had a hard time beating scam allegations and securing mainstream trust. It has so far secured listing on some smaller exchanges, but listing on major exchanges has remained largely elusive.

The fact that Pi coin is now listed on Kraken is, therefore, an underrated milestone. One that could potentially pave the way for listing on other major exchanges.

The lack of listing on major exchanges previously limited Pi coin’s access to liquidity. This is why the Kraken listing means so much to the Pi network. It could unlock healthier liquidity inflows and set the pace for more value inflow in the long term.

Liquidity inflows are also expected to set the pace for broader network adoption into the mainstream. This could further unlock more value in the long run. Pi crypto remains heavily discounted from its historic highs. Its recent developments and undervalued nature may boost its appeal among crypto investors.

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