NOIDA (CoinChapter.com) — Pi Network continues its campaign to complete the KYC of all its users before the launch of its open mainnet in June 2024.
The project announced the launch of its mainnet earlier this month and 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 has adopted a phased launch approach ahead of its Mainnet launch. 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. Meanwhile, the Pi Network team continues sharing updates with users facing problems getting their KYC applications approved.
The mobile-based crypto mining platform’s founder, Nikolas Kokkalis, was also involved in troubleshooting customers’ KYC problems.
PI Coin Forms Bullish Pattern
The Pi Network token is moving inside a bullish technical pattern called the ‘Falling Wedge‘ ahead of its mainnet launch in June.
A pair of converging trend lines form the falling wedge pattern. The pattern occurs when an asset’s price makes lower highs and lower lows steeper than highs.
The pattern typically signals that a reversal to the upside is likely. The price target for the pattern is equal to the widest distance between the trend lines at the start of the pattern added to the breakout point.
A breakout with substantial volume can signify strong market conviction, thereby increasing the likelihood of continuing the trend.
Per the rules of technical analysis, the PI coin price could spike over 65.5% to reach a theoretical price target near $52 if the pattern pans out. Historically, the pattern has been a precursor to significant bullish runs when accompanied by increased trading volume.
PI Coin Price Remains Lifeless Despite Mainnet Launch News
Despite recent Pi Network developments and a bullish wider market sentiment, 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 as the Pi Network mainnet launch approaches, the token’s price could rally to its 200-day EMA (green wave) resistance near $34.
Breaking above the immediate resistance could help the PI coin price rally to the resistance near $37 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 $29. 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 54.72 on the daily charts.
