Pi Network Open Mainnet Launch Still In Limbo, But Shilling Is Going Great

NEW DELHI (CoinChapter.com) — The Pi Network (PI) open mainnet launch date remains vague even as the mobile mining platform claims to ease its KYC procedures.

On Jan. 3, the blockchain promised users that it would launch the open mainnet in 2024, but on certain conditions, such as achieving KYC and migration goals, developing and deploying Pi apps, and without any unfavorable external environment conditions.

In an X post, the Pi Network team highlighted that “improved algorithms and resubmission opportunities” had helped the platform unblock over 1 million KYC applications. The platform has organized several hackathons to increase the number of dApps on its blockchain.

However, the absence of unfavorable conditions is a very broad directive, encompassing anything from the CEO eating spoilt sushi to a nuclear winter. The open mainnet launch is necessary to give the PI coins that users mine a use.

The mined tokens are almost useless, with the PI coins only trading on exchanges as IOUs.

The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Despite several claims of users accepting PI coins as a currency, real-world usage for the Pi Network token remains limited.

Moreover, the massive PI coin-shilling campaign outshines the blinding lack of clarity regarding the mainnet launch. Influencers share posts asking users if they think the token would reach a price of $314,159 (value of pi to six decimal places).

Interestingly, the HTX (Huobi) crypto exchange has collaborated with the Pi Network to provide users with “unparalleled opportunities in the evolving realm of decentralized finance.”

It remains unclear how the partnership would benefit both the blockchain firms.

PI Coin Price Forms Bearish Pattern

Meanwhile, PI coin price continues to move inside a bearish pattern called the ‘Descending Triangle.’

The descending triangle is a bearish continuation setup with a falling resistance line that caps upside attempts and a flat support that prevents declines. The height of the triangle’s thickest section determines the price target in a descending triangle setup.

PI coin price seems poised to break below the pattern’s horizontal trendline support. Hence, if the triangle pattern pans out, theoretically, the PI coin price could drop nearly 76% to reach the projected price target of $7.12.

No Open Mainnet Launch, No Bull Run

PI coin price continued to crab due to the lack of clear, bullish cues. Moreover, the Pi Network open mainnet launch delay continues to hurt the token’s price action.

Long wicks on both ends of recent daily candles show traders are refraining from entering the market, awaiting bullish cues before participating.

The Pi Network mainnet launch delay could see disillusioned users dumping their PI coin holdings. Hence, the token could drop to the support near $27. Moreover, breaching the immediate support might force the PI price to test the support near $24 before recovering.

Conversely, even a ballpark roadmap for Pi Network’s open mainnet launch could trigger a rally to propel its native token to the resistance near $32. A break above the immediate resistance might also help the PI price rise to the 200-day EMA (green wave) resistance near $34.6.

The RSI for the PI coin remained neutral, scoring 43.52 on the daily charts.

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