Kraken’s Pi Futures Launch Sparks $1 Breakout Hopes Amid Subdued Price Action

The listing of Pi perpetual futures on Kraken Pro on May 23 marked a pivotal moment for Pi Network Coin, offering traders up to 20x leverage and support for over 40 collateral assets. While this development was celebrated as a significant advancement, it has yet to catalyze sustained price momentum for PI Coin. Despite an initial surge that saw the token briefly reach $1.60 earlier this month, its price has since retreated, leaving investors speculating about a potential $1 breakout. This article delves into the implications of Kraken’s MOVE and the current state of PI Coin’s market performance.

Pi Network Price Prediction: Kraken PI Futures Launch Ignites $1 Breakout Speculation

Kraken Pro’s listing of Pi perpetual futures on May 23 marked a significant milestone for the Pi Network Coin, offering up to 20x leverage and support for over 40 collateral assets. The move, hailed as a leap forward, has yet to translate into sustained price momentum.

Despite initial optimism, PI Coin’s price action remains subdued. After briefly touching $1.60 earlier this month, the token has retreated, hovering below key resistance levels. Technical indicators present a mixed outlook, with the futures launch failing to catalyze a decisive breakout.

Monero Traders Accumulate Amid Price Dip as Futures Open Interest Hits 3-Month High

Monero’s XMR has plunged nearly 23% from its weekly peak of $420 to $325 on Kraken, marking the steepest three-day decline since December. The sell-off interrupts a remarkable 155% rally from January’s $165 low—a surge initially fueled by regulatory Optimism and anticipation of Monero’s upcoming FCMP++ quantum resistance upgrade.

Futures markets tell a different story. Open interest has ballooned to 161,370 XMR contracts, eclipsing all levels since December 20. This divergence suggests traders are interpreting the drop as a buying opportunity rather than a trend reversal. The privacy coin’s resilience echoes 2023 patterns where technical corrections preceded institutional accumulation phases.