Pi Network Releases Major Update but Token Continues to Decline
- RPC Server Launch: Pi Network has launched a Remote Procedure Call (RPC) server on its Testnet, marking an important infrastructure milestone that supports the development, testing, and future deployment of smart contracts, yet the token price remains unaffected.
- Protocol Upgrade Implementation: The network has successfully upgraded to protocol version 21 following the version 20 update on March 14, establishing a foundation for smart contract capabilities; however, the token continues to decline without significant recovery.
- Token Release Pressure: Nearly 8 million tokens are scheduled to be released daily over the next month, with over 18 million coins set to be unlocked daily between April 15 and 17, which could intensify immediate selling pressure and further suppress token prices.
- Poor Market Performance: Data from CoinGecko indicates that the Pi token is in the red on daily, weekly, and monthly scales, currently struggling below $0.17, which has become a key resistance level, reflecting a lack of market confidence in the token.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR 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, MAJOR 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 $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0565 | 0.0583 | 0.0601 | 0.062 | 0.0637 | 0.0656 | 0.0673 |
| Fibonacci | 0.0583 | 0.0597 | 0.0606 | 0.062 | 0.0633 | 0.0642 | 0.0656 |
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