Key Takeaways:
- Pi Network coin price could lose another 10% by week’s end.
- Technical indicators suggest a bigger loss.
- Pi mainnet launch date is nowhere in sight.
YEREVAN (CoinChapter.com) – Mobile-based crypto mining platform, Pi Network, saw its same-named token change hands at $24 on Aug 2, after losing 13% of its valuation in 24 hours and dropping below crucial support that sustained the Pi price for the previous week.
However, the Pi crypto could lose an additional 10% in the current week ending Aug 5 and possibly confirm a “symmetrical triangle” setup.
PI coin price risks a 10% slide.
PI coin has been trading within a “symmetrical triangle” formation since early April 2022. It entails two converging trendlines with a similar slope. They downsize the price swing amplitude through consecutive support and resistance retests. PI crypto retested the resistance on July 24 and lost 20% since.
If the slide continues, PI coin could lose another 10% and reach the next available support at $22. Also, a support retest within the triangle is possible, in which case PI could decline to $19.7, a 17% drop for the token.
Notably, the symmetrical triangle is a continuation pattern. Once confirmed, it forecasts a previous bias continuation equal to the maximal distance between the trendlines. Thus, the overall setup target would stand at $5.8, or 75% below the current Pi coin price.
What’s the Pi Mainnet Migration Process status?
Moreover, the continuous lack of details on the Pi Mainnet launch date exacerbates the bearish expectations. The latest tweet from the Pi Network team referred to the KYC (know your customer) process on the app.
It is the second time the Network nudged users about KYC this week. On July 31, the Pi Network team also asked its users to file their KYC applications to allow the platform’s verifiers to review users’ application data. The team also limited the Pi news to asking users to “remind” their security circle and referral team members to “start their KYC and Mainnet Migration process.”
However, no word on the Mainnet launch. The Pi Network open mainnet launch has been a bone in the platform’s neck for some time now, with users still awaiting any launch date confirmation.
