Pi Network Launch is Approaching, But Token Price Forms Familiar Bearish Pattern
NOIDA (CoinChapter.com) — Pi Network fans and team are busy shilling the project nearly 4 months before the planned mainnet launch in June, as is the norm for this kind of project.
Social media is rife with posts ranging from some random PI coin user, aka a ‘Pioneer,‘ using the platform’s token for trade and going to the usual speculation of PI coin’s price target once mainnet launches.
The recent announcement of Pi Network mainnet launch date has PI Coin fans in a tizzy. The launch would transition the project from a phase of user acquisition and theoretical framework development towards actualizing its blockchain ecosystem.
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 Bearish: A Familiar Pattern
Meanwhile, the Pi Network’s native token has formed a bearish technical pattern called the ‘descending triangle‘ ahead of the mainnet launch in June.
A descending trendline connecting swing highs and a horizontal trendline joining swing lows form the pattern. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
The pattern gives PI coin prices a breakdown target nearly 96% below their current price levels to reach the pattern’s theoretical price target near $1.34.
PI Token Price Action Remains Uneventful
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 $33.4
Breaking above the immediate resistance could help the PI coin price rally to the resistance near $36.3 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 $30, despite Pi Network’s recent developments.
The RSI for the PI coin remained neutral, with a score of 53.57 on the daily charts.
The post Pi Network Launch is Approaching, But Token Price Forms Familiar Bearish Pattern appeared first on CoinChapter.
Filed under: Bitcoin - @ February 16, 2024 1:38 am