Key Takeaways:
- Hype surrounding the Pi Network open mainnet launch is rising.
- However, Pi Coin price has failed to react to the hype.
PATNA (CoinChapter.com) — Pi Network Coin price continued trending downward even though rumors of an upcoming update did the rounds on Twitter. In addition, speculations on the possible timeline for the launch of the Pi Network open mainnet have resulted in increased interest in the blockchain platform.
Despite the strong crypto market recovery in 2023, the Pi Network token price failed to recover from its downtrend. As a result, PI coin price fell 80% YTD to form a daily low of $51 on Feb 11.
Fans of the token seem to be eagerly awaiting the launch of the Pi Network open mainnet. Moreover, several Pi token holders and crypto influencers have shared their speculations regarding the launch of the open mainnet.
However, the Pi Network emphasized improved KYC compliance to ensure the “true humanness of the network.”
Additionally, KYC compliance would help the platform with “Anti-Money Laundering (AML) and anti-terrorism regulations.“
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Moreover, Pi developers might wait for the enclosed mainnet to mature completely before launching the open mainnet.
Depending on the maturity of the Enclosed Network ecosystem and the progress of the KYC, this period may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later.
Per the Pi Network white paper
The Pi Network’s ongoing hackathon would help the platform have several apps ready to launch on the open mainnet once it goes live. However, the launch date remains obscure since the team has not shared any updates regarding the Pi open mainnet launch.
Pi Coin Price Fails To Break Bearish Trend
Meanwhile, the Pi Network coin continued to trend downward. On Feb 11, PI price dropped nearly 8% to form a daily low at $51 before recovering slightly later.
On the four-hour (4H) chart, the Pi coin price rally has been trading below a descending trendline resistance. Furthermore, the 20-4H EMA (red wave) acts as a dynamic resistance. If the Pi Network token price starts an up-move, the PI coin price will face resistance from the descending trendline near $55.4.
Conquering its immediate resistance might help the token challenge resistance near $59 before retreating.
The momentum oscillator MACD remained bearish for PI coin on the 4H chart. Positive (Green) bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-4H and 26-4H EMA) moves toward the MACD signal line (9-4H EMA of MACD), likely to form a bearish crossover.
Should the selling pressure increase, Pi Coin price might drop to test support near $51. Moreover, breaching immediate support could force the Pi Network price to fall to $47 before recovering.
Frequently Asked Questions
The earliest could be on Mar 14, 2023, since the Mar 14 is celebrated as Pi Day. The platform’s white paper cited the date in 2022 for the proposed open mainnet launch. Hence, a launch in Mar or Jun 28 (Pi2 day) might be possible. However, users should wait for official confirmation from the team.
