- Pi token crashed 90% year-to-date.
- Technicals suggest more losses ahead.
- The price is unlikely to rebound as the Pi open mainnet launch is nowhere near.
YEREVAN (CoinChapter.com) – Pi Network’s same-name token lost 15% in April, bringing its year-to-date losses to nearly 90%. As a result, the PI/USD price action reached $27.2 in the European session on April 18. However, the token is primed for another 13% price decline in the coming sessions.
PI coin in a falling channel
Pi Network token charted within a technical setup dubbed the ‘falling channel’ since early February 2023. Best visible on the 4-hour chart, the pattern entailed two parallel trendlines with a negative slope that drove the Pi token price incrementally lower.
The pi coin broke the channel’s resistance on April 15, retesting the trendline as support. However, the negative MACD oscillator and the dropping trading volumes testify to a looming decline, which could drop Pi back within the channel range.
Also read: Will Pi Network Token Price Crash to Zero?
As of April 18, the Pi coin met a confluence of assistance from the channel’s upper trendline and the support/resistance line at $26.4. However, as mentioned, the token lost 90% of its value since January 1, despite Bitcoin’s over 80% advance in the same period. This triggers doubts about the Network’s ability to boost the Pi coin price.
Thus, the target for Pi in the coming sessions could stand at $23.5, the next assistance level, in case the token drops below the confluence mentioned above of support.
Will Pi open mainnet ever launch?
Meanwhile, the Pi Network open mainnet launch, highly anticipated by the Pi community, is nowhere in sight. The team has not commented on the pending event since failing to launch the open mainnet on Pi Day, March 14.
In a YouTube video released on the said date, Pi Network founder Dr. Nikolas Kokkalis told followers that a few tasks remained before the open mainnet could go live.
Also read: Pi Announced Upcoming Goals, Pi Coin Fails To Rise.
The video discussed the blockchain platform’s accomplishments over the past year. Kokkalis called upon the Pi community to help launch the Pi open mainnet, outlined the remaining goals for the enclosed mainnet, mass KYC and creating utility for the Pi Network ecosystem.
Meanwhile, Pi proponents continue advertising the tanking coin as “financial freedom” and an antidote to poverty.
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