Binance Alpha's Piggycell Under Investigation Following Severe Decline
Token Collapse: Piggycell’s PIGGY token experienced a dramatic 90% drop after a sudden mint-and-dump event, raising concerns about token controls and Binance Alpha's listing safeguards.
Minting Incident: A wallet identified as 0x942f360d8a265aFcfDFa564429550DD755F96896 minted nearly $4 million worth of PIGGY tokens and quickly sold them, leading to significant market volatility and panic selling.
Lack of Transparency: There has been no official statement from Piggycell or Binance Alpha regarding the minting incident, leaving traders speculating whether it was part of a legitimate process or an exploit.
Project Background: Piggycell is a power-bank sharing network that has been tokenized, aiming to provide incentives to token holders based on real-world device usage, but the recent events have cast doubt on its integrity.
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Technical Analysis for PIGGY
Technical Sentiment Analysis for Piggycell (PIGGY) As of , Piggycell (PIGGY) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for PIGGY 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 stock.
Support, Resistance & Moving Averages From a structural perspective, PIGGY 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 $-.
Piggycell (PIGGY) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.033 | -0.00599 | 0.016 | 0.043 | 0.0649 | 0.0919 | 0.114 |
| Fibonacci | -0.00599 | 0.0127 | 0.0243 | 0.043 | 0.0617 | 0.0732 | 0.0919 |
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