Kraken Pro, the advanced platform of the Kraken exchange, has launched futures trading for Pi Coin, generating interest in the cryptocurrency, although the price remains unstable.
Price Analysis of Pi Coin: 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.
Future Plans for Pi Network 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 Issues May Hinder the Project
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.
The launch of futures trading for Pi Coin on Kraken Pro provides a new impetus for the asset, yet significant regulatory concerns and high price targets raise alarms among analysts.
