NEW DELHI (CoinChapter.com) — Pi Network’s PI Coin price rallied 3.5% on Jan. 25 to reach a daily high near $30.5. The mobile-based crypto-mining platform recently announced the ‘Pi Commerce hackathon‘ event, but questions over the launch of its open mainnet still linger.
The Pi Network remains a testnet despite multiple promises of the open mainnet launch. As such, users are beginning to move away from the blockchain platform despite an aggressive marketing campaign by the Pi Network team.
Interestingly, the PI coin price (currently trading as an IOU) could face severe selling pressure once the mainnet launches since it would allow users to trade their mined Pi Network tokens on exchanges.
In a Jan. 18 blog post, the network claimed it was making significant strides in streamlining the KYC process. Pi Network founder Dr. Nicolas Kokkalis has often claimed that the KYC process is crucial for a secure and compliant cryptocurrency ecosystem.
Per the announcement, the team implemented new algorithms and resubmission opportunities to reduce the number of applications stuck due to data mismatches or errors. The crypto mining platform aims to verify 15 million PI coin users and migrate 10 million users to the mainnet.
Pi Commerce Hackathon To Find Businesses Accepting PI Coin
Meanwhile, the Pi Network team announced the ‘Pi Commerce Hackathon.’
The event aims to invite developers to foster more engagement with Pi Network. Scheduled to begin on Feb. 1, the hackathon would help create a commerce app to help users locate and interact with local businesses accepting PI coin payments.
This initiative follows the PiFest event in Dec. 2023.
Additionally, the Pi Commerce hackathon winners will gain recognition and support, including a feature in the platform’s global Pi Day celebration on Mar. 14, 2024, and potential backing from the Pi Core Team.
The Pi Network team stated that it will announce the hackathon winners on Pi Day.
PI Coin Price Continues Crabbing
Despite the Pi Commerce hackathon announcement, the Pi Network token price continued crabbing near the $30 price tag. Pi coin users likely remain in a holding pattern, awaiting the promised open mainnet launch to reap benefits.
However, if buyers enter the market following the Pi Commerce hackathon announcement, the token’s price could rally to its 100-day EMA (blue wave) resistance near $32.
Breaking above the immediate resistance could help the PI coin price rally to the resistance near $35.5 before correcting.
However, further delays in the KYC approvals or open mainnet launch could be bearish for the token. As such, events like the Pi Commerce hackathon might not be enough to sustain a rally, forcing the PI coin price to test the support near $28.
Failure of immediate support might see the token dropping to the support near $25.
The RSI for the PI coin remained neutral, with a score of 47.96 on the daily charts.
