Key Takeaways
- Pi Network continues to advance its open mainnet launch date.
- Pi coin prices continued to decline as traders booked profits.
NEW DELHI (CoinChapter.com) — Pi Network fans hoping for a confirmation on the Pi Network Open Mainnet launch date continue to wait. In a YouTube video, Pi Network founder Dr. Nikolas Kokkalis told followers that a few tasks remained before the open mainnet could go live.
The video, released on March 14, discussed the blockchain platform’s accomplishments over the past year. Kokkalis called upon the Pi community to help launch the Pi Network open mainnet.
The Pi Network founder outlined the remaining goals for the enclosed mainnet, mass KYC and creating utility for the Pi Network ecosystem. Kokkalis stated developers are working on mass KYC and mainnet migration.
In Feb, Kokkalis shared that a proper KYC system was the only hindrance to the Pi Network open mainnet. Meanwhile, the platform added a testnet ecosystem interface for Pioneers to test dApps on Pi Network.
Related: Pi token price could crash 60% despite Pi Network Open Mainnet launch
However, Pi Network Coin traders seemed not excited about the update as the token continued its descent.
Pi Coin Price Swings 52% In March
Pi Coin price dropped 52% to a monthly low of $26.6 in March, but bulls managed to recover some of the lost ground. The Pi Network token launched a short rally on March 17. However, long upper wicks on recent daily candles underscore the bearish pressure against the Pi coin price action.
It is likely traders who bought the token during the launch, airdrop recipients, and early investors are booking profits on relief rallies. As a result, the Pi coin’s bear run seems likely to continue.
If Pi Coin price starts moving up, it will face strong resistance from a multi-week descending trendline near $41.4. Breaking above immediate resistance would help the Pi Network token rise to challenge resistance from its 200-4H EMA (green wave) near $44.5.
Conversely, increased bearish pressure could force the PI coin price to break below its 50-4H EMA (purple wave) and 20-4H EMA (red wave) support confluence. As a result, the Pi Network price might drop to support near $37.7.
Moreover, breaching the immediate support level could force the Pi coin price to fall to support near $35.
Meanwhile, the relative strength index for Pi coin remains neutral, clocking at 55.12 on the 4H chart.
