A crypto analyst has proposed a theory explaining why Pi Network (PI) remains unlisted on major exchanges such as Binance and Coinbase.

Pi listing on these exchanges, especially Binance, has remained elusive despite significant community demand.

Analyst Alleges Transparency Gaps Behind Pi Network’s Binance Listing Delay

Dr. Altcoin, an analyst on X, ascribes the delayed listing of Pi coin to a lack of transparency from the Pi Core Team. Specifically, the opaque nature of Pi Network’s locking and burning mechanisms of billions of Pi coins may be the primary reason for the continued absence of a listing.

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. Likely, the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Dr Altcoin opined.

The analyst previously noted that the circulating supply of Pi coins decreased by another 10 million to 6.77 billion. In their opinion, this suggested that the Pi Network core team could adjust the supply to stabilize prices.

“The last time a large number of Pi coins were unlocked, it sent the wrong signal and caused panic selling. However, the PCT [Pi Core Team] still needs to be transparent about the Pi burning mechanism and its plans for locking the majority of Pi coins owned by the PCT,” he added.

According to Dr. Altcoin, the absence of transparency makes it easy to misconstrue this as potential plans for market manipulation. He further suggested that Pi Network may eventually gain listings once the Pi Core team improves transparency and most community-held coins are traded for under $1.

This speculation aligns with recent concerns about Pi Network’s centralization issues, particularly concerning SuperNodes. BeInCrypt reported concerns about network control and governance transparency. These factors could further delay Pi’s acceptance by top-tier exchanges like Binance and Coinbase.

Pi Network’s Community Demand Faces Roadblock

Despite these concerns, Pi Network continues to enjoy significant community support. The project recently surpassed 4 million followers on social media, reflecting its strong user base. Moreover, a Binance survey revealed that 86% of participants wanted Pi listed on the exchange.

However, Binance has yet to take action, leading to controversy. Despite significant voter support in a community poll, Pi’s listing remains uncertain, fueling frustration among its supporters.

Of note, the vote to list Pi Network on Binance came amid the exchange’s resolve to involve the community in its listing and delisting actions.

Adding to the uncertainty, Pi Network is preparing for another token unlock in April, following the release of 188 million tokens in March. These unlocks have raised fears of price manipulation, especially given the lack of clarity on how PCT handles locked and burned coins.

According to data on ExplorerPi, Pi Network will unlock over 91.9 million Pi tokens in April. Based on market rates as of this writing, $0.906 on CoinGecko, this volume of Pi coins is worth approximately $83 million.

Citing Keyrock research, BeInCrypto recently reported that 90% of token unlocks drive prices down. For Pi Network, therefore, a token unlock of this magnitude could impact the price of the Pi coin. 

Onyxcoin (XCN) price has struggled to break out of its multi-week downtrend, failing to recover after several attempts. Despite these setbacks, the altcoin still holds the support of a critical group of investors.

However, broader market backing will be essential for Onyxcoin to regain upward momentum and move toward higher price levels.

Onyxcoin Is Noting Mixed Signals

The Relative Strength Index (RSI) for Onyxcoin remains below the neutral 50.0 level, indicating that market momentum is still bearish. The failure of the altcoin to break through this neutral zone signals a lack of support from the broader market. Until the RSI shows an upward trend, it’s unlikely that Onyxcoin will experience any significant price recovery.

A shift in the market sentiment is necessary for Onyxcoin to break out of this slump. The lack of positive momentum from the broader crypto market has kept the altcoin under pressure. A reversal in market trends could trigger a potential price movement upward, but this will depend on external factors.

Looking at the overall macro momentum, Onyxcoin has shown some positive signs when considering the MVRV Long/Short Difference. Long-term holders (LTHs) are currently seeing increased profits, while short-term holders (STHs) are losing out due to the recent price decline. This dynamic provides a strong foundation for Onyxcoin, as LTHs are less likely to sell during bearish conditions, helping to stabilize the price.

This behavior from LTHs indicates that despite the short-term volatility, the coin has room for a potential recovery. As the STHs suffer from losses, LTHs accumulate more, which could drive the price back in a more favorable direction. The stability provided by LTHs allows Onyxcoin to weather market fluctuations while positioning for a recovery.

XCN Price Fails Breakout Again

Onyxcoin’s price is currently trading at $0.0112, within a descending wedge. This downtrend has persisted for eight weeks, with the altcoin repeatedly failing to break through the $0.0120 resistance. This price range has been a persistent barrier, and until Onyxcoin manages to break through, it is likely to remain stuck under $0.0120.

Considering the current factors, Onyxcoin’s price could stay below the $0.0120 resistance. The next critical support level lies at $0.0100. If the price falls below this level, it could continue its decline, potentially reaching $0.0083.

For the bearish-neutral outlook to be invalidated, Onyxcoin must flip the $0.0120 resistance level into support. If this happens, the price could bounce toward $0.0150, breaking free from the descending wedge pattern. This move would mark a significant shift in market sentiment and may help Onyxcoin establish an upward trend. 

Bitcoin price started a steady increase above the $85,500 zone. BTC is now correcting gains from $88,750 and might find bids near $86,500.

• Bitcoin started a decent recovery wave above the $85,000 zone.
• The price is trading above $86,500 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $87,500 and $88,000 levels.

Bitcoin Price Regains Traction

Bitcoin price remained stable above the $83,200 level. BTC formed a base and recently started a recovery wave above the $85,500 resistance level.

The bulls pushed the price above the $88,000 resistance level. However, the bears were active near the $88,800 resistance zone. A high was formed at $88,750 and the price corrected some gains. There was a move below the $88,000 level.

The price dipped below the 23.6% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high. Bitcoin price is now trading above $86,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $87,200 level. The first key resistance is near the $87,500 level. The next key resistance could be $88,000.

A close above the $88,000 resistance might send the price further higher. In the stated case, the price could rise and test the $88,800 resistance level. Any more gains might send the price toward the $89,500 level or even $90,000.

More Losses In BTC?

If Bitcoin fails to rise above the $87,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $86,800 level and the trend line. The first major support is near the $86,200 level or the 50% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high.

The next support is now near the $85,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $86,800, followed by $86,200.

Major Resistance Levels – $87,500 and $88,000.