YEREVAN (CoinChapter.com) — Pi coin has dropped 15% to $30.6 since Dec. 13, when its backers announced the “Pi trademark” news in the US. As of Dec. 20, the token was below its 20, 50, 100, and 200-day moving averages but held above the support of $29.40.
Pi Coin Price Flat
PI coin price has formed a bearish technical 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.
If the triangle pattern pans out, the PI coin price could drop nearly 80% to reach the projected price target of nearly $5.6.
Now that the technical details are clear, it is time to discuss what event boosted a fresh hype wave around the coin.
Is Pi Trademark a Decoy?
Pi Network registered the “Pi” trademark with the United States Patent and Trademark Office (USPTO). We could say that this registration, completed in December 2023, marks a major milestone for Pi Network, as it secures the exclusive rights to use the “Pi” name in connection with its blockchain products and services.
But what does it do? Most likely, it deters the public attention from the fact that the Pi Mainnet Launch has become a sore point for the “pioneers.” But let’s try and stay serious for a second. What does the patent mean for the Pi Network?
The procedure that USTPO uses to grant or deny a trademark has little to do with the project’s legitimacy in the crypto scene and its services. While the agency does involve an examining attorney in the process, it does not provide an audit of the firm’s financial situation or the tokenomics of a cryptocurrency.
Thus, the claims that Pi Network will “foster greater confidence” in the project could be grossly exaggerated. Pi Trademark does protect the project from copycats, which is not uncommon in the crypto space. It also prevents other PI coins from surfacing in the future. Most importantly, it allows the Pi team to sue possible Pi Trademark lawbreakers.
However, potential investors should take a closer look at the benefits of the Pi trademark before deciding on becoming a pioneer.
No Mainnet in Sight
What the Pi trademark successfully achieved is deterring attention from the non-existing mainnet. As CoinChapter reported, the project has failed to clarify the mainnet launch since Q1, 2023. Furthermore, Pi Network mainnet launch delays eroded customer trust in the project. Matters have also worsened, with the Pi Network team failing to release the V2 of its roadmap.
The developers had originally announced a two-part roadmap release slated for Q3-Q4, 2023. However, like the Pi Network mainnet launch, the roadmap’s second part remains delayed.
In addition, users have also faced delays in getting KYC approvals, which has been a key focus point for the Pi Network team. Yet, hardcore fans and paid promotion continued to shill the project.
