LUCKNOW (CoinChapter.com)— There is still no Pi Network mainnet launch on the horizon, with some users claiming that the mobile mining platform might reveal the mainnet roadmap in Dec. 2024. As usual, there has been no word from the platform’s developers.

Pi Network’s 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 no one has seen it and many are skeptical that it even exists.

Has Pi Network Delayed Mainnet Launch?

Earlier, the Pi Network team had shared a tentative date of June 2024 for the mainnet launch. However, several users on X shared a post stating that the Pi Network team might announce the mainnet open roadmap in Dec. 2024, leading to speculations of further delays in the launch.

Moreover, an X account with the user name ‘Pi Network Update‘ shared an update stating that the project’s founder, Dr. Nicolas Kokkalis, said the mainnet launch remains dependent on 3 target conditions.

To recap, on Jan. 3 this year, the Pi Network team told users that it would launch the open mainnet in 2024, but under certain conditions, such as achieving KYC and migration goals, developing and deploying Pi apps, and not having any unfavorable external environment conditions.

Meanwhile, the team announced the winners of its ‘Pi Commerce Hackathon—’ Map of Pi and PyNook.

These applications facilitate the discovery of nearby businesses that accept Pi and provide merchants with a user-friendly storefront, streamlining the adoption of Pi as a form of payment. Their emergence reflects a tangible demand within the Pi community.

The Pi Network team said about the winners

The event aimed to invite developers to foster more engagement with Pi Network. Ending on March 23, the hackathon focused on creating a commerce app to help users locate and interact with local businesses accepting PI coin payments.

PI Coin Price Spikes, But EMA Resistance Stronger

Meanwhile, PI coin price failed to break above the 20-day EMA (red wave) dynamic resistance despite a 17% price spike propelling the token to a daily high near $44.6. However, profit booking pared most of the token’s gains.

The mainnet launch has been a bone of contention among PI coin users due to the team’s delays in launching it. Several users left the platform as a result. Moreover, a mainnet launch could also result in PI coin price plunging if holders start booking profits, making it a double-edged sword.

Bulls would likely try to hold the 100-day EMA (blue wave) support near $37.5 as the PI coin price breaching the immediate support could lead to further sell-off, pushing the token to the support near $30 before recovering.

If the rally continues, the Pi Network token’s price could rally to the resistance near $46.2. Flipping the immediate resistance might help PI coin price target the resistance near $55.

The relative strength index, which measures asset price movement to determine overbought or oversold conditions, remained neutral for PI, with a score of 50.64 on the daily charts.

The post Still No Pi Network Mainnet Launch, Yet PI Token Rallies appeared first on CoinChapter.

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Filed under: Bitcoin - @ March 28, 2024 10:10 pm