PATNA (CoinChapter.com)— Pi Network continues to dangle hope to its followers while failing to give a clear date for the open mainnet launch. Vaguely relevant announcements continue to adorn social media channels as the proposed date for the PI Network mainnet launch approaches.
The Pi Network team has set new standards for running a shilling campaign, posting everything from ridiculous price speculations ($314,159 per PI coin, anyone?) to even more ridiculous speculations about Elon Musk accepting PI coins as a payment medium.
Amidst all this, the team keeps the mainnet launch a mystery for all its users. Maybe the team plans to surprise everyone by announcing the mainnet launch date along with an announcement that its founder, Dr. Nikolas Kokkalis, has crossed into a secret realm where leprechauns shower Bitcoins on everyone.
The Pi Network founder’s last Instagram post was in 2020, and his presence on other social media platforms is equally invisible. Hardcore Pi Network shilling machines, high on hope-cain, share the founder’s old speeches as the latest or breaking news.
It seems difficult to determine if the PI hopium addicts are deluding themselves or the token’s followers with the founder’s old posts.
News About Mainnet Launch From Pi Network Team
In a weird but welcome change from the usual shilling posts, the Pi Network team shared an update, which indirectly touches on the upcoming Pi Network mainnet launch.
Apparently, the team has introduced a new update regarding the mainnet migration, claiming that the team has introduced an upgrade to speed up the user migration to the mainnet. The migration is part of the Pi Network’s roadmap to launching the open mainnet.
But, but, but, but, wait!
As is the norm, the post failed to mention how the upgrade will enhance the speed of the migration mechanism. With the project plagued by mysteries and users haunted by the ghosts of numerous scams, no one will be surprised if Pi Network earns the euphemism “Why Network?“
As in, why did I start using this mining app? Why did I not listen to so many warnings? Wait, why is the PI Coin price going negative? (The last one was a bit too much, agreed)
PI Coin Price Spikes, But Why?
No one knows. Maybe it is the announcement by the core team, or maybe traders woke up and chose risk, but the PI coin price rose more than 10% to reach a daily high near $43 on May 21.
Despite all its uptrends, the PI coin price remained range-bound below $43. If the mainnet launches suddenly and the market recovers from the shock, PI coin price could rise to the resistance near $45.
Moreover, breaking and consolidating above the immediate resistance could help the Pi Network token price target the resistance near $50 before retreating.
On the other hand, if the rally fails, which could happen if the mainnet launch keeps delaying, PI coin price could drop to the 100-day EMA (blue wave) resistance near $39.2. Moreover, breaking below the immediate support might force the token to test the support near $36.
The relative strength index for PI coin remained neutral for the token, with a score of 57.85 on the daily charts.
