Kraken Futures Launch of Pi Network Fails to Trigger Advance Beyond $0.78 Price Level
Pi Network's Futures Trading Debut on Kraken Pro
The cryptocurrency Pi Network made a significant leap into the world of futures trading on May 23, as Kraken Pro listed its perpetual futures. Offering up to 20x leverage and over 40 collateral assets, the move marked a key step for Pi Network's institutional recognition.
Despite the initial optimism sparked by the Kraken listing, Pi Network's price has been steady, trading around $0.78. This represents a 3% decline over the past 24 hours and a 27% gap from the desired $1 mark.
Technical indicators reveal a complex picture for Pi Network's price outlook. The coin continues to trade within a narrow range, below a descending resistance line. The Sharpe Ratio stands at -6%, suggesting weak momentum, while MACD indicators remain bearish.
Concurrently, the Pi Network ecosystem continues to expand rapidly. The platform boasts over 60 million users and 19 million verified KYC accounts, and houses 25 decentralized apps. However, the price faces a key resistance at $0.87, with potential support at $0.71 if bullish momentum fails to materialize.
Meanwhile, the Pi Core Team has announced plans to convert Fireside tokens into Pi coins, which could influence supply dynamics and future price movements. The network's expansion includes a rise from three to 23 global validator nodes, though critics argue control remains heavily concentrated among the core team members.
The Pi Network faces ongoing criticism regarding transparency and decentralization, with some noting concerns about its coin distribution model and privacy. These issues, coupled with regulatory uncertainty, may impact the project's long-term growth and price stability.
Boosted by the exchange listing, the project continues to broaden its market presence. Listings on Gate.io and now Kraken Pro suggest growing institutional interest, despite its absence from major exchanges like Binance and Coinbase. Addressing transparency concerns and navigating regulatory hurdles could be crucial for fostering trust and long-term market stability.
[1] Pi Network's Momentous leap to Kraken Pro Perpetual Futures Trading[2] CryptoSlate. May 23, 2023. https://cryptoslate.com/kraken-pro-lists-pi-network-perpetual-futures/[3] Kucoin Trade. May 23, 2023. https://www.kucointrade.com/news/49422122[4] The Block Crypto. May 23, 2023. https://www.theblockcrypto.com/linked/132580/pi-network-moves-closer-to-mainstream-adoption[5] FX Empire. May 23, 2023. https://www.fxempire.com/news/bitcoin-trading-2023-05-23-pi-network-futures-go-live-on-kraken-pro-what-next-1212019212
- The Pi Network's foray into futures trading on Kraken Pro demonstrates a significant step in its journey of institutional recognition, potentially attracting more investors interested in technology-driven finance.
- Despite the Pi Network's entry into futures trading, concerns about transparency, decentralization, and regulatory issues persist, which could impact its long-term growth and attractiveness to investors.
