Pi Network Analysis: Road to Mainnet Launch Accelerated

Pi Network, the popular cryptocurrency, is making significant strides towards its highly anticipated mainnet launch and token listing, marking six years since its inception. This development has been met with enthusiasm from the community of pioneers who have been mining Pi tokens since the project’s early days.

KYC Verification Continues

The developers of Pi Network have recently announced that they have successfully verified over 11.1 million pioneers. Of these, 5.8 million users have already transitioned to the mainnet and are eagerly awaiting the token’s official listing. To streamline the Know Your Customer (KYC) process, the developers have introduced a mainnet checklist, which aims to ensure a smoother and more efficient completion of the necessary verifications.

Challenges Ahead

Despite these advancements, Pi Network still faces several hurdles before pioneers can convert their tokens into fiat currency. In an update from December, the developers outlined three conditions that must be met before the token can be listed:

1. Completion of KYC Verification: The developers emphasized the importance of completing the KYC verification for the majority of pioneers. This process is currently accelerating, with a significant number of users already verified.

2. Development of a Robust Ecosystem: The team is focused on ensuring that Pi Coin has substantial utility within a vast ecosystem of decentralized applications (dApps). To foster this, they have organized multiple hackathons, resulting in innovative applications like the Pi Browser and the Pi Ad Network. However, there is a consensus that the ecosystem still needs to expand further.

3. Favorable Market Conditions: The developers aim to list the token when market conditions are favorable, ensuring that Pi Coin performs well in its early stages. Analysts are optimistic about the cryptocurrency market’s outlook, especially with the possibility of the Federal Reserve cutting interest rates.

Market Optimism

Prominent figures in the cryptocurrency space, such as Michael Novogratz, have expressed optimism about the market’s potential. Novogratz recently stated that Bitcoin could surge to over $100,000 later this year if bullish trends continue. This positive sentiment extends to other cryptocurrencies, including Pi Coin.

A Popular Cryptocurrency

Since its creation in 2018, Pi Network has garnered a substantial following, boasting over 50 million users worldwide. The platform was designed to address one of the crypto industry’s biggest challenges: mining difficulty. Pi Network allows anyone to mine Pi Coin using their smartphone, making it accessible to a broader audience.

Awaiting Public Mainnet

One of the main challenges for Pi Network users is the inability to convert mined tokens into fiat currency. This will only be possible once Pi transitions from its enclosed mainnet to a public mainnet.

Pi Network Price Forecast

Currently, the Pi Coin cannot be traded officially, as it has not been launched. However, some users trade Pi IOUs on platforms like HTX and MEXC. On the daily chart, the Pi token has been relatively stable over the past few months, trading at $40, down from a year-to-date high of $120. The token’s trading volume has been limited, and the Average True Range (ATR) has decreased to its lowest level since February.

Technically, Pi Coin is oscillating between the 50-day and 25-day Exponential Moving Averages (EMA). According to the Wyckoff Method, this pattern suggests an accumulation phase, potentially followed by a mark-up phase. If this occurs, Pi Coin could rebound to over $50 in the coming weeks.

As Pi Network continues its journey towards the mainnet launch, the cryptocurrency community watches with anticipation, hoping for a successful transition that will unlock new opportunities for pioneers and users alike. Read More