Image default
Cryptocurrency

Pi token price could crash 60% despite Pi Network Open Mainnet launch


Read CoinChapter.com on Read CoinChapter.com on Google NewsGoogle News

YEREVAN (CoinChapter.com) – Pi Network has been in the headlines for the previous week, as the community members anticipated the Pi network Open Mainnet launch four years after the project was introduced. However, days after the planned launch date, PI coin price risks a 60% drop and could establish a new all-time low. Here’s why.

Pi token price risks a 60% drop.

The Pi coin price stood at just above $37 in the European session on March 17, after a choppy weekly performance. Moreover, the price action formed a technical setup known as the “symmetrical triangle,” which could take PI to $16, or another 60% lower than the current value.

Pi Network token four-hour price action. Source: TradingView.com

Symmetrical triangles occur when an asset’s price consolidates in a way that generates two converging trend lines with similar slopes. They connect the swing highs and lows, preventing sharp breaks in either direction.

Also read: More Losses Ahead for Pi Network Token — Here’s Why?

PI coin price prediction

Notably, the symmetrical triangle does not forecast a bias after the token breaks one of the trendlines. However, taken in conjunction with other indicators, the pattern suggests a downturn. As of March 17, the PI coin price held the triangle’s support, but the upcoming sessions will show if the token confirms the setup and breaks below the said line.

The MACD oscillator remained in the bearish zone, which suggests it is too early for a leg up. Not to mention, 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 in the previous 24 hours, which suggest that if the BTC rally continues, the traders could leave Pi behind.

Meanwhile, the bearish prognosis comes after the supposed Pi Network Open Mainnet launch on Pi day.

Did Pi Network Open Mainnet launch after all?

On March 8, a Pi Network member announced the Pi Network Open Mainnet would launch on Pi day, March 14. Notably, the tweet only hinted at the Mainnet launch and did not state the “event” outright. It said, “the biggest day in the Pi Network ecosystem and community.”

Meanwhile, the official Pi Network Twitter page did not yet announce the Mainnet release. As the Binance Smart Chain reported in mid-February, the open mainnet would launch “upon the maturity of the enclosed mainnet.”

Depending on the maturity of the Enclosed Network economy and the progress of the KYC, this period may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later.

wrote the team.

Also read: Pi token price jumps 7% ahead of the Pi Network open Mainnet launch.

Click here to keep up with the ever-changing crypto market and never miss the scoop!

The post Pi token price could crash 60% despite Pi Network Open Mainnet launch appeared first on CoinChapter.





Source link

Related posts

Circle and Footprint’s aborted debuts are the final nail in the SPAC coffin

Marine Savard

MATIC Price Prediction: Polygon Breakout Suggests Fresh Rally To $1.25

Marine Savard

Quant surges 70% in two weeks, QNT investors can look to buy at…

Marine Savard

Crypto Enters E-Commerce | This Week in Crypto – Aug 28, 2023

Marine Savard

a16z’s Chris Dixon announces new accelerator program for crypto founders in LA

Marine Savard

What Bitcoin’s Decline To A New Cycle Low Says About The Market

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More