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Simon Chandler
Author
Simon Chandler
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Pi Network has slumped by 10% today, with its drop to $1.34 coming as the crypto market as a whole loses 2% in the past 24 hours.
PI has now lost 54% since reaching an all-time high of $2.99 on February 26, with the coin failing to regain momentum after a strong mainnet launch on February 20.
Yet the possibility of a Binance listing could propel the coin back to its former heights, with some analysts and holders arguing that it could rise to $5 or even higher during the current market cycle.
While timings are always uncertain, there’s little question that Pi Network remains one of the most popular new tokens in the market, and that its strong community gives it a very positive long-term price prediction.
Pi Network to $5.55? Analysts Say This Key Catalyst Could Send It Soaring
Despite losing more than half of its post-listing value, Pi Network arguably remains the top-20 coin with the biggest rally potential, simply because of the possibility of listings from Binance and other major exchanges.
Part of the reason why it has come down in the past couple of weeks is precisely because Binance seems to be hesitating or delaying over a potential listing, having already held a community vote which was overwhelmingly in favor of adding PI to the exchange’s trading options.
Yet community members remain hopeful that a Binance listing will arrive sooner or later, which is why many are predicting ambitious targets for the Pi Network price.
Indeed, some holders are even going so far as raising $10 as a possibility during the current cycle, while some have been holding up $5 as a more realistic target.
Either way, PI is currently at a low point in terms of momentum, with its chart today showing the coin in a decidedly oversold position.
Its relative strength index (purple) has dropped all the way to 30 over the past few days, implying a bottom from which it could soon bounce.
Another sign of PI’s current position is provided by its 30-period average (orange), which continues to fall further below the 200-period (blue).
There’s only so much further it can fall below the longer term average before PI should rebound, with past falls ushering in noticeable rallies.
Again, a very big rally could come from a Binance listing, something which could easily see Pi Network return to $2.99 in a matter of weeks.
If momentum continues building beyond that level, PI could surge toward $5.55 in the near future.
Alternative Alts for Big Market-Beating Rallies
Assuming that PI has to wait weeks or months for Binance to add it, some traders may prefer to diversify into other alts in the meantime.
There’s currently no shortage of new coins for investors to consider, yet many will be risky, given their lack of fundamentals and small presence.
However, there are some very new tokens that have been generating considerable momentum en route to listing, much like Pi Network has done.
One of these is Meme Index (MEMEX), an ERC-20 token that has now raised $4 million in its soon-to-be-closing presale.
Its sale will end in 14 days, with investors flocking to the token on the basis of its strong fundamentals.
In particular, its native platform will offer a number of decentralized meme indexes in which traders can invest.
These indexes will track different baskets of meme coins, enabling investors to gain exposure to the meme token market will spreading their risk.
At launch, Meme Index will offer four indexes, Titan, MidCap, Moonshot and Frenzy.
Titan will track meme coins with market caps of at least $1 billion, while the others will cover increasingly small-cap and volatile tokens.
Holding MEMEX is the only way to invest in these indexes, meaning that the coin should experience plenty of demand.
While MEMEX’s sale will end very soon, latecomers can still join by going to the Meme Index website, where the coin costs $0.0166883.
Of course, given its growing popularity, it could eclipse this price once it lists in the next couple of weeks.
