Key Takeaways:
- Pi Coin’s price rebounded sharply after the recent crypto market crash.
- The Pi Network shared that users’ tokens have started appearing in their mainnet wallets.
- Pi Coin’s price is moving inside a bullish technical pattern.
NEW DELHI (CoinChapter.com) — Pi Network users remained in the dark regarding the Pi Network open mainnet launch. However, users reported that the difficulties in moving their PI coins to the mainnet wallet had disappeared.
The Pi Network media handle, Pi Network News, congratulated users who shared screenshots with updated wallet balances. Furthermore, the team asked users to check their mainnet wallets to check if their PI coin migration was complete.
Interesting to note that the user had to wait for “many months” for his tokens to migrate to the mainnet. The instance highlights the issues haunting the Pi Network’s open mainnet launch, with users waiting for months.
Meanwhile, r/PiNetwork, the X account of the moderator of the Pi news community on Reddit, highlighted that other blockchain platforms have also failed to share updates regarding upcoming launches.
For example, r/PiNetwork cited the example of the ICE halving event, which delayed the event and has not yet released any communication regarding the same.
The Reddit moderator likely commented on users’ complaints about the lack of news regarding the open mainnet launch, highlighting that “Ethereum Foundation spent 3 years working on what became the Shanghai hard fork but only announced the date 1 month before.”
Yet, the fact remains that the delay in the launch of the mainnet remains one of the strongest headwinds against the PI coin price action.
PI Coin Price Painting Bullish Pattern
Meanwhile, the PI coin price has formed a bullish technical pattern called the ‘Ascending Triangle.‘
A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows forms an ascending triangle pattern. Volume helps determine if a breakout is strong.
Under ideal conditions, buyers would enter the market as the trendlines close the gap. As a result, the toke’s price would push above the horizontal resistance with heavy volumes.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the triangle pattern pans out, the Pi coin price has a theoretical price target near $44, a spike of nearly 77% from current levels.
However, the pattern’s horizontal resistance rebuffed the token’s uptrend, suggesting that PI coin price would likely continue consolidating within the bullish triangle before attempting another breakout.
PI Price Rebounds Post Crash, But EMA Resistance Holds Strong
The Pi Network token price rallied strongly after the Aug 17 market crash, spiking nearly 23% on Aug 18 before paring gains. Moreover, the PI coin price was one of the few tokens that registered a green candle on the crash day.
However, the token’s 100-day EMA (blue wave) resistance near $26 remained insurmountable for the Pi Network token price, with the token dropping 5% on Aug 21 to a daily low of $24.6.
If the downtrend continues, the PI coin price might drop to the 50-day EMA (purple wave) support near $24. Moreover, failure of the EMA support level could force the Pi Network coin price to test the support near $22 before recovering.
On the other hand, moving above the 100-day EMA resistance could help the PI coin price target the resistance near $29 before retreating.
The RSI for the PI coin price remained neutral, with a value of 52.33 on the daily charts.
