NOIDA (CoinChapter.com) — Pi Network made headlines by announcing a date for its much-awaited open mainnet launch after a series of delays that saw users doubt the mobile-based crypto mining project.
The announcement marks a pivotal moment for the project, transitioning from a phase of user acquisition and theoretical framework development towards actualizing its blockchain ecosystem.
The project now faces the reality of delivering on its technological promises. However, as the launch date of June 28 approaches, questions arise regarding the project’s readiness and the tangible demand for Pi Coin.
Pi Network Mainnet Launch Technical and Regulatory Hurdles
Ahead of its Mainnet launch, Pi Network has decided to adopt a phased launch approach. The open mainnet would start with a closed Mainnet accessible to a limited user group.
The limited launch would allow for collecting user feedback and network testing. However, another reason could be the team remains uncertain about the network’s capacity to handle a broader user base.
Moreover, regulatory compliance, particularly KYC and AML directives, remains a considerable hurdle for Pi Network, as it does for many crypto projects. The Pi Network team’s mainnet launch journey is fraught with the usual challenges of scalability, market acceptance, and regulatory compliance.
Moreover, the delays have created skepticism among the users, with many still not believing the launch will occur on the planned date. Hence, while announcing the open Mainnet launch date has drawn attention to Pi Network, the project’s success is far from guaranteed.
In other news, an X account claiming association with the Pi Network shared the news that authorities had accepted Pi Network’s application for a trademark. The post stated that the update would somehow help in the open Mainnet launch.
Multiple attempts to contact the Pi Network team have gone unanswered at the time of writing.
PI Coin Price Refuses To Budge, Likely Awaiting Mainnet Launch
Despite the recent Pi Network developments, PI coin 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 Mainnet launch and trademark approval news, 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 200-day EMA (green wave) resistance near $34 before correcting.
However, further delays in the KYC approvals or open mainnet launch could be bearish for the token. As such, the token would likely test the support near $28. Failure of immediate support might see the token dropping to the support near $25, despite Pi Network’s recent developments.
The RSI for the PI coin remained neutral, with a score of 50.83 on the daily charts.
