Pi Network analysis as the road to mainnet launch accelerates
Pi Network, the popular cryptocurrency, is working towards its mainnet launch and token listing, six years after it was launched. This development has been welcomed by pioneers, who have been mining the tokens for years.
KYC verification continues
In a statement, the Pi Network’s developers said that they had 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 noted that they had launched a mainnet checklist to allow a smoother completion of the KYC process.
Pi Network still has a long way to go before pioneers can convert their tokens for fiat currency.
In an update in December, the developers noted that they will only list the token when three conditions are met. First, they will need to have completed the KYC verification on most of the pioneers, a process that is now accelerating.
Second, the developers hope that the Pi Coin will have enough utility for the token having a vast ecosystem of dApps. To do this, they have launched several hackathons that have produced applications like the Pi Browser and the Pi Ad Network. Still, I feel like the ecosystem is not big enough for now.
Finally, they hope to do a token listing when the market is conducive to ensure that the coin does well in its early days. Analysts are optimistic that most cryptocurrencies will continue doing well this year, especially if the Federal Reserve starts cutting interest rates.
In a statement last week, Michael Novogratz noted that Bitcoin could jump to over $100,000 later this year if bulls manage to push it above the 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 crypto industry: mining difficulty. Using its platform, anyone can mine the Pi Coin using their smartphone.
The challenge among miners is that it has not been possible to change these tokens into fiat currency. This ability will only happen when Pi moves from the enclosed mainnet to a real public mainnet.
Pi Network price forecast
It is not possible to trade the Pi Coin since it has not been launched officially. However, some users trade the Pi IoU that is listed by several companies like HTX and MEXC.
On the daily chart, we see that the Pi token has moved sideways in the past few months and was trading at $40, down from the YTD high of $120. Its volume has been quite limited while the Average True Range (ATR) has crashed to its lowest swing since February this year.
Pi Coin is also oscillating at the 50-day and 25-day Exponential Moving Averages (EMA). In technical analysis, this could be that it has moved to the accumulation phase of the Wyckoff Method, which is followed by the mark-up phase. If this happens, it could rebound to over $50 in the coming weeks.
