Pi Network Launches Smart Contract Feature but Token Continues to Slide
- Smart Contract Launch: Pi Network has introduced its first smart contract capabilities on Testnet, claiming it will enable real utility in e-commerce and streaming; however, community skepticism remains regarding its effectiveness.
- Token Price Decline: Following a brief price surge after the Kraken listing, the PI token has plummeted from nearly $0.30 to $0.173, with a market cap now at $1.76 billion, jeopardizing its position among the top 50 cryptocurrencies.
- Ongoing KYC Issues: Despite claims that hundreds of thousands of users have successfully migrated their tokens, many in the community are still facing challenges with the KYC process, which undermines overall trust in the project.
- Frequent Version Updates: Pi Network has rolled out multiple updates in a short span, yet despite technological advancements, community confidence in the updates' impact on token value recovery remains low.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for TOKEN
Technical Sentiment Analysis for TokenFi (TOKEN). As of , TokenFi (TOKEN) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 2 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TOKEN stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, TOKEN is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
TokenFi (TOKEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00122 | 0.00178 | 0.00217 | 0.00273 | 0.00311 | 0.00368 | 0.00406 |
| Fibonacci | 0.00178 | 0.00215 | 0.00237 | 0.00273 | 0.00309 | 0.00332 | 0.00368 |
About TOKEN
About the author
