Pi Network Issues User Reminder Amid 88% Market Cap Decline
- Official Channel Reminder: The Pi Network team emphasized that the only official X account is Pi Network (PiCoreTeam), which has 4.2 million subscribers, surpassing popular altcoins like Ripple and Ethereum, aiming to reduce user exposure to misleading information and scams.
- Significant Market Cap Decline: Since the mainnet launch, the native token PI has lost 88% of its market cap, resulting in billions in market capitalization evaporating, reflecting a decline in investor trust that necessitates measures to restore confidence.
- Price Trend Analysis: The PI token has increased by 3.2% over the past week, currently trading at around $0.21, with analysts suggesting that a breakthrough above the key resistance level of $0.215 could trigger a new rally.
- Divergent Market Reactions: While some users applauded the official reminder, critics argue that the project team should prioritize addressing more significant issues to regain investor trust, highlighting a clear divide in market sentiment regarding the project.
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Technical Analysis for X
Technical Sentiment Analysis for X Empire (X) As of , X Empire (X) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for X 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, X 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 $-.
X Empire (X) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000599 | 0.00000893 | 0.0000115 | 0.0000145 | 0.0000171 | 0.00002 | 0.0000226 |
| Fibonacci | 0.00000893 | 0.000011 | 0.0000124 | 0.0000145 | 0.0000166 | 0.0000179 | 0.00002 |
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