Pi Network Faces Listing Hurdles on Binance Amid Market Gains

Pi Network, a cryptocurrency project, continues to face challenges in gaining recognition from major exchanges, particularly Binance. Despite a community vote in February that favored listing the Pi Network token, the exchange has yet to proceed with the listing. Analyst Kim H Wong has identified three key barriers that may be hindering the listing process.

The first barrier is the lack of full open-sourcing of Pi Network’s blockchain. Publicly accessible code is crucial for building trust and allowing for technical scrutiny, which is a standard that Pi Network has not yet met. The second barrier is the absence of a conclusive third-party security audit from a reputable firm. Major exchanges like Binance and Coinbase require rigorous security evaluations to protect users and comply with regulatory standards. The third barrier is the lack of formal application for listing on either exchange, with no official confirmation from the Pi core team regarding progress.

Exchanges often require proactive engagement from project teams, including detailed documentation and compliance with their listing criteria. The lack of these elements may be contributing to the delay in listing the Pi Network token on major exchanges.

Despite the broader return of risk-on sentiment in the cryptocurrency market, Pi Network has been leading 7-day losses in the top 100, seemingly excluded from recent market tailwinds. Geopolitical and macroeconomic uncertainties no longer cloud the narrative, and regulatory momentum is building a new wave of bullishness. However, early resistance in the U.S. House to key cryptocurrency-related acts has left markets cautiously optimistic for votes to flip in favor of “Crypto Week.”

The importance of a Binance listing for Pi Network cannot be overstated. The market struggles to absorb the excess supply of token unlocks without a rise in demand to stabilize price movements. Deflationary pressures continue to compound the effects of short-term speculative trading as unlocks continue at an average rate. Given Pi Network’s ongoing struggle with adoption, its price action remains largely speculative, lacking a meaningful use case to sustain long-term growth.

Demand for Pi Coin remains thin, but it could soon catch up with the broader altcoin rally as it nears the end of a week-long falling wedge. Stubborn resistance at a certain price point is the final barrier to confirm a breakout, opening the doors to a potential gain. Momentum indicators support the bullish case, with the MACD closing in on a golden cross and the RSI hovering just above oversold territory. However, failure to break resistance risks a drop to retest the wedge’s lower boundary, targeting lower support.

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