On May 23, the advanced platform of the Kraken exchange, Kraken Pro, breathed new life into Pi Network’s mainnet asset, Pi Coin, by launching futures trading for the cryptocurrency. Offering up to 20x leverage and more than 40 collateral options, the exchange provided substantial support for the altcoin. Despite this support, Pi’s price has continued to fluctuate unstably, having reached up to $1.60 in recent weeks before plummeting to $0.76. Experts attribute this volatility mainly to the project’s unclear coin distribution model, which is seen as an attempt to circumvent regulations, and the existing liquidity shortage.
Analysis of Pi Coin’s Price: Key Levels and the $5 Target
Following a 50% loss over the past two months, Pi Network signaled a breakout from a descending wedge formation. Analysts emphasize the importance of the $0.84 level as a critical resistance point. Should this threshold be crossed, targets have been set at $0.96, $1.20, and $1.57, respectively.
Though the notion of reaching $5 is met with skepticism, analysts note that low liquidity can lead to sudden surges. Speculation has been fueled by allegations that the project team is manipulating the supply-demand balance. Experts caution that such high targets could be more of a marketing strategy rather than a realistic prediction.
Future Plans for Pi Network Come Under Scrutiny
The Pi Network team is working on steps to accelerate the transition to the mainnet. Initiatives like moving more coins to the mainnet and converting Fireside coins to Pi coins will be crucial in determining supply. If this process is managed carefully, the likelihood of a price increase might rise.
Regulatory uncertainty is viewed as the biggest hurdle facing the project. Despite claims of decentralization, regulatory bodies in the US and Europe question the project’s transparency. Although the team plans to announce new partnerships and exchange listings in the coming months to ease these pressures, the timeline remains uncertain.
