Pi Coin Sees Classic Pump and Dump on Binance Listing Rumors

Key Insights:

• A leaked Pi Wallet screenshot referencing Binance Connect and Binance P2P triggered speculation of Pi Coin listing.
• However, it failed to provide enough bullish momentum with the Pi token facing sharp rejection at $0.50.
• Net Pi coin deposits to centralized exchanges remain positive, suggesting continued selling pressure with two major unlocks of 10 million coming on July-end.

In the last 48 hours, Pi Coin price has faced a classic pump and dump as bulls failed to hold it above $0.50, on fresh rumors of a Binance listing. The Pi Network crypto traded 9% down at press time at $0.45. Its daily trading volumes dropped by 50%, showing strong bearish sentiment among traders.

The Pi token was currently missing a key catalyst that could help it pull back from the downtrend for a sustained rally to $1.

Pi Coin Lacks Catalyst Amid Binance Listing Rumors

After a brief surge above $0.50, the Pi Coin bulls failed to keep the momentum going. The bullish sentiment quickly faded with a 50% drop in trading volume at press time. The Pi Coin price also headed south to $0.45 support again.

Furthermore, the Pi wallet, dropping clues of Binance integration, failed to provide an additional catalyst for the rally. A leaked screenshot from the Pi Network Wallet generated significant buzz in the community. That suggested potential integration with Binance services.

The image, now circulating widely, shows two notable entries under the wallet’s “Help & Support” section: Binance Connect Support and Binance P2P support.

Binance Connect, previously Binance’s fiat on/off-ramp service, enabled users to convert between crypto and fiat seamlessly. Meanwhile, Binance P2P is the exchange’s peer-to-peer trading platform.

If the Pi token becomes tradable through Binance P2P, users worldwide could gain direct access to fiat-crypto transactions. That could significantly boost the token’s liquidity and real-world utility. The appearance of these listings has sparked speculation about a potential listing or partnership with Pi Network.

Pi Coin Needs a Solid Breakout for a Sustained Rally to $1

As shown in the image below, the Pi Coin price traded under the descending trendline connecting previous highs, all the way from highs around $4.00 to current levels near $0.47. The descending trendline is the key resistance level to watch.

This appears to be a classic “falling wedge” or descending triangle pattern, where a break above the resistance of $0.50 could lead to a significant upward move. However, a failure to hold the $0.42 support could result in further downside.

The bottom panel showed what appeared to be an RSI or similar oscillator. It read around 46.68, indicating neutral to slightly bearish momentum.

Pi Network Token Deposits on CEXs

As per the data from Pi Scan, the Pi token deposits on centralized exchanges showed mixed behavior. While OKX and Gate.io crypto exchanges saw net deposits of 1.5M and 2.3M Pi tokens, respectively, Bitget saw a 2M Pi coin withdrawal.

The overall net flows to exchanges have been positive, showing that deposits are greater than withdrawals. Thus, the selling pressure on Pi Network cryptocurrency could continue further.

Additionally, the Pi Scan data shows two big Pi Token unlocks of over 10 million each on July 28 and 29, respectively. Following this, the number of unlocks will reduce moving into August. It might alleviate the selling pressure on Pi Coin in the next month.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.