Key Takeaways:
- Pi Network users complained about the lack of clarity on Pi mainnet launch.
- PI Coin price formed a bearish pattern.
- Pi Network delayed the release of its roadmap to Q4 2023.
NEW DELHI (CoinChapter.com) — Mobile crypto mining service Pi Network risks losing its customer base due to delays in the Pi mainnet launch, if posts on X (formerly Twitter) are any indication.
The Pi Network open mainnet launch has been a bone of contention for users, who have been waiting with bated breath for its launch. However, delays have caused users to question the Pi Network team’s intentions.
Recently, Pi Network CEO Dr. Nicolas Kokkalis announced a delay in the launch of the Pi roadmap. Dr. Kokkalis revealed plans to release the roadmap in two parts, with V1 dropping in mid-Oct. and V2 following in Q4.
The announcement rubbed users the wrong way since Pi Network had previously announced Sept. 2023 date for the roadmap’s release. Furthermore, several users noted that a mid-Oct date also fell in Q4 2023, leading to speculations of further delays.
Pi Network users remained convinced that the roadmap launch will face further delays, similar to the fate of the Pi mainnet launch.
Pi Mainnet Launch Delay Intentional?
An X user, Pi Inu Token, shared a post on the social media platform to call out Pi Network developers, claiming that the team has no plans to open the mainnet soon. Pi Inu Token speculated a gradual launch of Pi mainnet.
Moreover, the user claimed that since the Pi core team is based in the US, developers might not allow a payout since mass holders of PI coin “are distributed in China, Vietnam, Nigeria, Philippines, and other countries.”
If the tradable quantity is confirmed as is, a huge amount of wealth, including the asset sales proceeds of existing cryptocurrency holders and new inflows, will flow to places other than the United States. The US-based PiCore team would have no reason or will to do such a thin
Pi Inu Token stated in the post
Furthermore, the user noted that the Pi Network developers would likely redistribute users’ token holding to prevent wealth concentration once the mainnet launches.
In the meantime, Pi Network developers would need to address KYC issues, with one user expressing frustration with the delays in their KYC application.
PI Coin Price Forms Bearish Pattern
Meanwhile, PI coin price has formed a bearish technical pattern called the ‘Descending Triangle.’
A descending trendline connecting reaction highs and a straight trendline connecting reaction lows form the pattern. Traders often interpret the pattern as a signal to short an asset.
The height of the triangle’s thickest section determines the price target in a descending triangle setup. Hence, per the rules of technical analysis, PI coin price might drop over 39% to a calculated price target of $24.2
Pi Network Token Price Continues Crabbing
The Pi Network token price continued moving laterally, testing the support zone near $36.5. Pi Coin 200-day EMA (green wave) also acts as a dynamic support level in the region (purple box). The token dropped 7.1% to reach a daily low near $38 before bulls moved in to defend the support zone.
However, should the immediate support fail, PI price could end up testing the 100-day EMA (blue wave) support near $32.
On the other hand, a rebound from here could see PI coin price move above the 20-day EMA (red wave) to reach the resistance near $43.34. Flipping the immediate resistance might help the Pi Network token price target the resistance near $48.6.
The RSI for PI coin remained neutral, with a score of 49.76 on the daily charts.
