Kraken Pro recently launched perpetual futures trading for Pi Network’s native cryptocurrency, PI, with up to 20x leverage and 40 collateral options. Despite this, Pi’s price has been volatile, reaching $1.60 earlier this month but currently trading near $0.76.
The token’s price instability is partly due to regulatory complexities surrounding its launch. Pi Network has taken careful steps to avoid direct regulatory scrutiny, leading to some confusion.
After a 50% drop, PI Network has broken out of a falling wedge pattern, showing signs of recovery. The next crucial level to watch is $0.84, which, if broken, could pave the way for targets at $0.96, $1.20, and $1.57.
There are predictions that Pi could rally to $5 in the future, despite sounding unbelievable due to the potential market cap exceeding $30 billion. However, with low liquidity, there is a chance for the price to spike higher in the short term, especially with active supply and demand management by the team.
Pi’s future price movement hinges on upcoming roadmap milestones listed on the Pi Network website. These milestones include allowing users to migrate more Pi coins to the mainnet and converting Fireside tokens into Pi coins. These actions could either flood the market with more coins or reduce supply, affecting the price accordingly.
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