PATNA (CoinChapter.com) — Pi Network mainnet launch is slowly becoming the unicorn of the crypto world. Not the finance’ unicorn,’ but the horse with a horn on its head that shoots rainbows from behind. Everyone has heard of it, but seeing one is impossible since they are a myth.
Launching the mainnet would help users sell their accumulated PI coins, which they have spent months mining. At present, the Pi Network token trades on an IOU system. The IOU system means that participating exchanges would trade future PI coins at the current IOU value.
Pi Network Mainnet Launch Delays Fail To Deter Shilling Campaign
However, the project has failed to clarify the mainnet launch. Furthermore, Pi Network mainnet launch delays eroded customer trust in the project. Matters have now worsened, with the Pi Network team failing to release the V2 of its roadmap.
The developers had originally announced a two-part roadmap release (must have their reasons) slated for Q3-Q4, 2023. However, like the Pi Network mainnet launch, the roadmap’s second part remains delayed.
In addition, users have also faced delays in getting KYC approvals, which has been a key focus point for the Pi Network team.
Yet, hardcore fans (or paid promotion) continued to shill the project.
An X user decided to get creative and leaned into a SpaceX-related announcement from billionaire Elon Musk. The user’s post stated Musk “has the final V1” before clarifying it was not the V1 Pi Network roadmap.
Musk is famous for his association with Dogecoin, so users could get fooled into thinking the billionaire investor has liked PI coin if they are not careful reading the ambiguous post. Another user decided to celebrate Pi Network developers loading 100 million PI coins in their migration wallet.
The user speculated that migration of tokens to the mainnet wallets would likely restart soon, suggesting that migration also faced delays.
Another user noted that Pi Network’s X account reached 2.7 million followers, equalling the follower count of Ripple Labs’ account.
Though it is good to celebrate the small things in life, care should be taken not to celebrate meaningless things.
PI Coin Price Forms Bearish Pattern
Meanwhile, the PI coin price has formed a bearish technical pattern called the “descending triangle.”
The descending triangle is a bearish continuation setup with a falling resistance line that caps upside attempts and a flat support that prevents declines. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
If the triangle pattern pans out, the PI coin price could drop nearly 41% to reach the projected price target of nearly $20.7.
PI Coin Price Crabs Despite Shilling
PI coin price has been trading range bound between $38 and $33 since Oct. 2023. The price movement suggests that traders avoid the market as they await bullish cues or a price movement in either direction.
Long upper wicks on both ends of recent daily candles further highlight the market’s indecision. Bulls must push the PI coin price above the 200-day EMA (green wave) resistance near $37.
Confirming the Pi Network mainnet launch date could help the token’s price target the resistance near $40.
Conversely, further delays in the Pi Network mainnet launch or the roadmap’s release could push the PI coin to support near $32.4. Breaching the immediate support level could force the PI price to test the support near $29 before recovering.
The highly uneventful price action means the RSI for PI remained neutral, with a reading of 47.44 on the daily charts.
