YEREVAN (CoinChapter.com) – Pi Network token PI jumped 7% on March 14, adding to the overall 48% advance since bottoming out on March 10. As a result, the Pi coin price stood near $44 in the European session on March 14, struggling with the key support-turned-resistance line at $44.7.
PI coin price jumped 7%
Notably, due to the market turmoil driven by the Silicon Valley Bank implosion, the Pi coin price dropped to its all-time low of $30 on March 10. However, the anticipation of the Pi Network Mainnet launch and Bitcoin’s 22% bullish advance in the same period propelled the PI coin.
Moreover, the ‘golden cross’ formation underscored the bullish expectations. In short, the death cross occurs when a short-term moving average (MA) crosses above a long-term MA after a bearish phase. As shown on the chart above, the 20-4h exponential MA crossed above the 50-4h EMA on March 13, marking a bullish phase ahead for as long as the short-term MA remains dominant.
If the bullish pressure persists, PI could reach $48. If the bears take over, the likely outcome for the Pi coin is a decline back to the support at $41.7.
Meanwhile, on March 8, a Pi Network member announced the Pi Network Open Mainnet would launch today, on March 14.
Also read: How USDC Depegging Almost Caused a Bank Run Across $13.5B DeFi Market
Pi Network Open Mainnet launch is here.
Notably, the tweet only hinted at the Mainnet launch and did not state the “event” outright. It said, “the biggest day in the Pi Network ecosystem and community.”
However, the official Pi Network Twitter page did not yet announce the Mainnet release.
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.
However, as Pi Day (3.14) is here, 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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