Key Takeaways:
- Pi Network token dropped 10% on March 31 and was primed to slash its price in half.
- The Pi open mainnet launch never took place despite promises.
- Can Pi price drop to zero?
YEREVAN (CoinChapter.com) – Pi token price dropped nearly 10% in the previous 24 hours to reach $32 in the Asian-Pacific session on March 31. The decline came in compliance with a technical setup, which could take the price 50% lower, pinning the target price at approximately $16. But could Pi Network price go to zero? Let’s see.
Pi Network confirmed the symmetrical triangle.
Pi Network coin price charted within a technical setup known as the “symmetrical triangle” since March 2. Generally, symmetrical triangles occur when an asset’s price consolidates in a way that generates two converging trend lines with similar slopes. In addition, they connect the swing highs and lows, preventing sharp breaks in either direction.
PI coin price prediction
Notably, the symmetrical triangle does not forecast a bias until the token breaks one of the trendlines. Once it does, the following move is expected to equal the maximal triangle height. The PI coin price broke the formation’s support on March 20, dropping nearly 20% since, suggesting it could reach the mentioned target of $16.
The MACD oscillator crossed the bearish zone, confirming the prognosis. The PI coin traded below its 20,50,100, and 200-4h exponential moving averages. Additionally, the token did not follow Bitcoin’s bullish move on March 28-29, suggesting that traders could leave Pi behind if the BTC rally continues.
Meanwhile, the decline would come ahead of the Pi Network Open Mainnet launch, which the Pi team delayed several times.
Will the Pi Open Mainnet ever launch?
Pi Network fans hoping for a confirmation on the Pi Network Open Mainnet launch date continue to wait. In a YouTube video released on March 14, Pi Network founder Dr. Nikolas Kokkalis told followers that a few tasks remained before the open mainnet could go live.
The video discussed the blockchain platform’s accomplishments over the past year. Kokkalis called upon the Pi community to help launch the Pi Network open mainnet, outlined the remaining goals for the enclosed mainnet, mass KYC and creating utility for the Pi Network ecosystem.
Meanwhile, Pi proponents continue advertising the coin to get “financial freedom” as an antidote to poverty.
Pi coin value might drop to zero.
Notably, the platform creators shilled the coin ahead of Pi day on March 14, hinting that the Pi Open Mainnet would launch then.
As a result of the social media hype, the Pi coin price rose nearly 60% from March 11 to 14. However, the token pared all the gains in the following three days, confirming the “buy the rumor, sell the news” strategy.
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Moreover, as of March 31, Pi charted nearly 90% below its Jan 1 value, despite the crypto market’s overall 52% recovery year-to-date, which speaks of investors’ low interest in the coin.
If the macroeconomic climate and the Federal Reserve’s fiscal policy push the digital asset sector into another downward spiral, smaller coins with low demand, such as Pi, might not survive if traders decide to exit en masse. Given the coin’s arguable prospects and utility, a bearish prognosis stands strong.
