Falling Wedge Pattern Signals Potential Reversal

Despite the ongoing bearish pressure, the market structure suggests a possible shift in momentum. Pi has formed a falling wedge pattern, a classic bullish reversal signal. This pattern indicates that selling pressure is gradually weakening, and buyers may step in to regain control.

Key Support and Resistance Levels to Watch

For traders and investors, monitoring crucial price levels is essential:

• Immediate Support: $0.88 – If this level holds, Pi may consolidate before an upward move.
• First Resistance: $1.00 – A breakout above this could trigger a rally.
• Major Resistance: $1.19 – Breaking this level would confirm a bullish reversal.

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Market Volatility Warrants Caution

Pi Coin high volatility signals uncertainty, making risk management crucial. Traders should closely observe price action before making any decisions. If buyers regain strength, Pi could see a short-term rebound, but failure to hold support may lead to further declines.

As Pi Coin continues to trade within a volatile range, keeping track of market developments and technical signals is essential. Traders should remain cautious and watch for potential breakout confirmations before taking new positions. Stay informed for the next price action update.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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The post Pi Coin (PI) Plunges Sharply, Teetering on the Edge of a Major Reversal: Major Move Incoming appeared first on Times Tabloid.

In December 2021, the engineers released an updated whitepaper, along with the launch of Pi’s Enclosed Mainnet, in preparation for the upcoming project’s Open Mainnet. 

Although there has been skepticism from some players in the industry around the project because of its delayed Open Mainnet launch, the smartphone-based crypto mining project community continues to swell dramatically, reaching more than 35 million Pioneers from more than 230 countries, according to the team. 

Pi Network Addresses Unauthorized Coin Listings

Lately, Pi has been a hot topic in the crypto community given the optimistic developments around the project including Pi Hackathon. Hence, interest in the project seems to be on the rise from both investors and exchanges. This led to the listing of tokens purporting to be Pi or some purported derivative of Pi by certain unauthorized exchanges and third parties in late 2022. 

In response, the Pi Network team released a statement on December 29, advising its community members not to engage with these third parties as they are acting without the involvement of the network. Also, the announcement stated that they have no partnership with any of these crypto exchanges, stressing that the products being traded on these exchanges are not real Pi tokens. 

“It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings,” part of the announcement read. 

Meanwhile, Pi Network publicly requested the exchanges involved to delist Pi and remove all related postings as it is a violation of Pi’s policies or stands the risk of facing additional actions.

Pi has not been listed on any exchange, and Pi Network has not been involved with any purported listings. You could sustain substantial loss by participating in unauthorized listings. Read more on our website: https://t.co/rbntZ7DROj pic.twitter.com/LJztPOH35c

— Pi Network (@PiCoreTeam) December 30, 2022

Pi Open Mainnet

As aforementioned, Pi is in a phase known as the”Enclosed Mainnet,” the hopeful final phase before the expected Open Mainnet,  when the coin will be officially listed on exchanges for trading and connectivity with other blockchains will be established.

It is worth noting that throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, but with a firewall, preventing any unwanted external connectivity.

Technically, at this stage, other blockchains or crypto exchanges cannot connect with Pi without the explicit authorization of the network. The present listing of Pi on some platforms is, therefore, a clear violation of Pi’s policies and highly risky to participate in trading. 

While the community awaits the Pi Open Mainnet launch, the temporary Enclosed Mainnet gives ample opportunity to the Pi Network team to focus on mass KYC/migration and ecosystem utilities-building.

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