NOIDA (CoinChapter.com) — As is standard for these kinds of projects, Pi Network fans and the team are busy preparing the project almost four months ahead of its planned mainnet launch in June.
Social media is flooded with posts from random PI Coin users (aka ”).pioneer,‘Use the platform’s tokens for trading and move on to general speculation on the target price of PI Coin once the mainnet is launched.
The recent announcement of the Pi Network mainnet launch date sent PI Coin fans into a tizzy. With this launch, the project will transition from the user acquisition and theoretical framework development phase to the blockchain ecosystem realization phase.
However, as the June 28 launch date approaches, questions are being raised about the project’s readiness and real demand for Pi coins.
PI Network Bearish: A Familiar Pattern
Meanwhile, Pi Network’s native token is ‘descending triangleThe mainnet is scheduled to be launched in June.
A descending trend line connecting swing highs and a horizontal trend line connecting swing lows form a pattern. The height of the thickest part of the triangle determines the target price for a descending triangle setup.
This pattern gives PI Coin price an analytical target that is almost 96% below the current price level, reaching the pattern’s theoretical price target of $1.34.
PI token price action remains uneventful
Despite recent Pi Network developments and bullish market sentiment, PI Coin prices have continued to rise near the $30 price tag. Pi Coin users are likely to maintain their holding pattern as they await the promised open mainnet launch to reap the benefits.
However, as buyers enter the market as the Pi Network mainnet launch approaches, the token price could bounce back towards the 200-day EMA (green wave) resistance near $33.4.
A break above the immediate resistance could help the PI Coin price bounce back towards the resistance near $36.3 before a correction.
However, further delays in KYC approval or public mainnet launch may have a negative impact on the token. Therefore, the token is likely to test support near $29. If immediate support fails, the token could fall to support levels near $30, despite Pi Network’s recent developments.
PI Coin’s RSI remained neutral at 53.57 points on the daily chart.