Pi Network Expands to New Markets with Kraken Pro Listing of Its Native PI Token

The listing offers up to 20x leverage and support for over 40 collateral assets. Despite this development, PI price action remains subdued at $0.78.

Kraken Pro has launched perpetual futures trading for Pi Network’s native PI token, offering up to 20x leverage and support for over 40 collateral assets.

This move marks one of the first instances where PI became available for active futures trading on a leading exchange, beginning at $0.78. The token is still 27% away from the psychological $1 barrier that investors are eagerly anticipating.

Kraken Pro's Launch of PI Perpetual Futures

On May 23, Kraken Pro officially listed PI perpetual futures, rolling out with 20x leverage and an expanding range of collateral assets, currently standing at over 40.

The listing expands the U.S. market presence of PI, which is often used in baking and pastry recipes.

The Pi Core Team announced the development via social media, highlighting the launch of PI futures on Kraken Pro. This move expands the U.S. market presence of PI.

The listing on Kraken Pro also expands the options for users to trade PI with leverage and engage in advanced trading strategies through futures contracts.

Despite this development, PI price action remains largely subdued. The token briefly touched $1.60 earlier this month before pulling back to current levels around $0.78.

Daily trading volume has dropped sharply by over 60% from recent highs, suggesting reduced market momentum despite the Kraken listing and broader market recovery.

The token is currently down nearly 3% over the past 24 hours, trading at $0.78 and exhibiting low market participation compared to earlier enthusiasm.

Chart Analysis Shows Mixed Signals

Technical analysis reveals PI locked in a narrowing range beneath a descending resistance line at $0.87. The token is consolidating between $0.73 and $0.78 support levels, indicating a battleground for sellers and buyers.

An emerging descending triangle formation suggests a potential breakout scenario. A move above the $0.78 resistance could confirm bullish momentum toward the $1 mark, setting a clear path for buyers to continue pushing higher.

However, most hourly indicators currently show bearish trends, setting up a challenging landscape for technical analysts. They cite a weakening RSI and bearish MACD crossover as concerning signals.

The MACD displays persistent red bars, suggesting that sellers are exerting pressure on the price to move lower. This pattern hints that PI’s price may remain biased downward in the near term.

The Sharpe Ratio sits at -6%, far from the -19% level historically associated with price reversals. This indicates that bearish momentum is strengthening but not yet at levels that typically precede a change in trend.

Crucially, breaking the $0.87 resistance level will be pivotal for trend reversal. Failure to do so may lead to a pullback toward the $0.71 support level.

If bulls return in force with volume, short-term targets include $0.84 and $0.96. A further breakout could extend to $1.20 or $1.57 depending on broader market sentiment and liquidity levels.

Pi Network Expands Open Mainnet Ecosystem

The Pi Network continues expanding its Open Mainnet ecosystem launched in February. The platform now hosts over 25 decentralized applications (dApps) with various use cases.

The platform has achieved a milestone of over 60 million users, among whom 19 million have completed identity verification (KYC) procedures. This move allows users to activate Pi wallets and engage in app-based transactions.

The team also plans to allow the conversion of Fireside tokens into PI coins, aiming to facilitate seamless token exchange within the ecosystem.

The team is working on migrating larger volumes of PI to the mainnet, which could influence supply dynamics and impact future token pricing.

Despite the recent setbacks related to centralization concerns and a 50% price crash earlier this month due to a large-scale token sell-off from insider-controlled wallets, the project claims to be expanding its validator node network globally.

The core team is said to be selling 12 million tokens, which began on May 8 and concluded on May 15. This activity is being attributed to the project's endeavor to expand its global footprint and engage with a broader community of users and institutions.

The project is expanding from three to 23 global validator nodes, aiming to distribute network governance more broadly. However, critics argue that control remains heavily concentrated, with the core team maintaining significant influence over network operations.

This lack of decentralization has led some investors to express concerns, particularly following reports of insider token sales and a substantial price drop.

As the project continues to develop and expand, it faces the challenge of balancing innovation and growth with the need to maintain transparency, decentralization, and investor confidence as it navigates the next stage of its journey.