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YEREVAN (CoinChapter.com) – Pi Network token PI has been consolidating sideways since March 8 after a weekly loss of over 20%. As a result, the Pi coin price stood near $42 in the Asian-pacific session on March 9 but risked losing 5% more before Sunday, March 12, if it failed to hold the key support line at $41.7.
Pi coin price could lose 5% more by week’s end.
Notably, while the crypto sector saw a bullish recovery since January, the PI/USD exchange rate dropped over 80% year-to-date, ahead of the Pi Network Open Mainnet launch.
As mentioned, the Pi token price stood near a significant support line at $41.7. After that, however, it could drop back to an all-time low of $40, a level that the Pi Network price retested repeatedly month-to-date. Moreover, declining trading volumes and a bearish ‘death cross’ formation underscore the expectations.
In short, the death cross occurs when a short-term moving average (MA) crosses below a long-term MA. As shown on the chart above, the 20-4h exponential MA crossed below the 50-4h EMA on March 5, marking a bearish phase ahead for as long as the long-term MA remains dominant.
Also read: Pi Network Steps Up Ecosystem Development, PI Coin Spikes 30%.
Meanwhile, on March 8, a Pi Network member announced an event coming in “6 days”. Is it the Pi Open Mainnet launch?
Allusive event is drawing near – Pi Network Open Mainnet launch?
The mentioned team member did not disclose the event itself. However, he said it will be “the biggest day in the Pi Network ecosystem and community.” The phrasing could mean the Pi Network Open Mainnet launch, which the community has anticipated since January.
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 Network Open Mainnet Launch Delayed Due To KYC, Says Founder.
Notably, the official Pi Network Twitter account has not been announced yet. However, as Pi Day (3.14) draws near, the expectations of bullish Pi coin price movement could also rise. Is the enclosed mainnet “mature” enough to launch the open Mainnet on March 14, or will the community wait until June 288? It is not yet clear.
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The post More Losses Ahead for Pi Network Token — Here’s Why? appeared first on CoinChapter.
