NOIDA (CoinChapter.com) — Crypto mining platform Pi Network’s recent developments failed to act as bullish cues for its native token, PI. The token, still absent from exchanges due to the failure of the open mainnet launch, continues crabbing while trading as an IOU, immune to bullish cues
The crypto platform claims to be steadily moving towards its goal of completing the KYC of all its users, a condition vital for the launch of its much-awaited mainnet.
Meanwhile, Pi Network continued to expand its ecosystem while encouraging more community engagement. Following are three of Pi Network’s most recent bullish developments.
1. Integration with Orisun’s iGaming Platform
Orisun announced its plan to integrate the Pi Coin into its iGaming platform, ‘Pi.game,’ marking Pi Network’s first foray into the world of online gaming.
This integration would introduce the Pi Network to the online gaming crowd. Moreover, the partnership would bring nearly 50 million Pi users to the gaming platform.
By being the first iGaming platform to support Pi Coin, Pi.game has set a precedent that could potentially help increase the demand and value of PI Coin.
The platform introduced several new features, such as ‘Easy-to-play‘ games with straightforward mechanics. For investors, Pi.game introduced crypto staking through the ‘Easy-to-invest‘ feature.
Furthermore, Pi.game announced the ‘Easy-to-own‘ model for community managers to become co-owners of the platform. Despite all this, the development failed to act as a bullish cue for the Pi Network token.
2. Pi Network Hackathon: Another Development That Bulls Ingored
The Pi Network team launched the ‘Pi Commerce Hackathon’ to develop an app to locate local merchants accepting PI Coin. The event aims to invite developers to foster more engagement with Pi Network.
Scheduled to end on March 3, the hackathon would help create a commerce app to help users locate and interact with local businesses accepting PI coin payments. Development of the app would promote real-world use cases for the PI coin, once it becomes a part of the real world.
This initiative follows the PiFest event in Dec. 2023.
Additionally, the Pi Commerce hackathon winners will gain recognition and support, including a feature in the platform’s global Pi Day celebration on Mar. 14, 2024, and potential backing from the Pi Core Team. The development could see increased use cases for the Pi Network token.
The Pi Network team stated that it will announce the hackathon winners on Pi Day. Pi Coin price showed some signs of life at the launch of the hackathon but then chose to ignore the bullish development and continue its horizontal movement.
3. Achievement of GDPR Compliance
Another recent development that could have been bullish for PI coin was the platform’s announcement of passing the GDPR compliance test. The platform passing the General Data Protection Regulation Article 27 compliance test would increase investor and developer confidence in its security.
Furthermore, the latest development aligns Pi Network with European Union standards, potentially opening up European markets to PI Coin.
Pi Network Token Price Refuses To React To Recent Developments
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 Commerce hackathon announcement, 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, events like the Pi Commerce hackathon or the Pi.game partnership might not be enough to sustain a rally, forcing the PI coin price to 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 50.65 on the daily charts.
