Pi network analysis as the road to mainnet launch accelerates

Pi Network, the popular cryptocurrency, is working on its mainnet launch and token listing, six years after its launch. This development has been welcomed by the pioneers, who have been mining the tokens for years.

KYC verification continues

In a statement, Pi Network developers said they have already verified over 11.1 million pioneers. 5.8 million of these users have already moved to the mainnet and are now waiting for the token listing. In a separate statement, the developers highlighted that they have launched a checklist on the mainnet to enable smoother completion of the KYC process.

Pi Network still has a long way to go before pioneers can convert their tokens into fiat currency.

In a December update, the developers noted that they will only list the token when three conditions are met. First, they will need to have completed KYC verification on most pioneers, a process that is now accelerating.

Secondly, developers hope that the Pi Coin has enough utility for the token to have a large dApp ecosystem. To do this, they launched several hackathons that produced applications such as Pi Browser and Pi Ad Network. However, I feel that the ecosystem is not big enough for now.

Ultimately, they hope to list the tokens when the market is favorable to ensure the coin does well in its early days. Analysts are optimistic that most cryptocurrencies will continue to do well this year, especially if the Federal Reserve starts cutting interest rates.

In a statement last week, Michael Novogratz noted that Bitcoin could surge to above $100,000 by the end of the year if bulls can push it above its year-to-date high.

For starters, Pi Network is one of the most popular cryptocurrencies in the world with over 50 million users. It was created in 2018 to solve one of the toughest challenges in the cryptocurrency industry: mining difficulty. Using its platform, anyone can mine Pi Coin using their smartphone.

The challenge among miners is that it was not possible to exchange these tokens into fiat currency. This capability will only happen when Pi moves from the closed mainnet to a true public mainnet.

Pi network price prediction

You cannot trade the Pi Coin as it has not been officially launched. However, some users mistake the Pi IoU listed by different companies such as HTX and MEXC.

On the daily chart, we see that the Pi token has moved sideways over the past few months and has been trading at $40, down from its year-to-date high of $120. Its volume was rather limited, while the Average True Range (ATR) fell to its lowest level since February this year.

Pi Coin also fluctuates at the 50-day and 25-day exponential moving averages (EMA). In technical analysis this could mean that we have moved on to the accumulation phase of the Wyckoff method, followed by the mark-up phase. If that happens, it could rise back above $50 in the next few weeks.

Fuente