Pi Network Analysis as Path to Mainnet Launch Accelerates

Pi Network, the popular cryptocurrency, is working towards mainnet launch and token listing, six years after its launch. This development has been well received by early adopters, who have been exploring the tokens for years.

KYC verification continues

In a statement, Pi Network developers stated that they have already verified more than 11.1 million pioneers. 5.8 million of these users have already migrated to the mainnet and are now waiting for the token to be listed. In a separate statement, the developers noted that they have released a mainnet checklist to allow for a smoother completion of the KYC process.

Pi Network still has a long way to go before pioneers can convert their tokens into fiat currency.

In a December update, the developers noted that they will only list the token when three conditions are met. First, they will need to have completed KYC verification on most pioneers, a process that is now accelerating.

Secondly, the developers hope that Pi Coin will have enough utility for the token to have a vast ecosystem of dApps. To do this, they launched several hackathons that produced apps like Pi Browser and Pi Ad Network. Still, I feel like the ecosystem isn’t big enough for now.

Finally, they hope to do a token listing when the market is conducive to ensure the coin performs well in its early days. Analysts are optimistic that most cryptocurrencies will continue to perform well this year, especially if the Federal Reserve begins 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 its year-to-date high.

To begin with, 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 crypto industry’s toughest challenges: mining difficulty. Using their platform, anyone can mine Pi Coin using their smartphone.

The challenge among miners is that it was not possible to transform these tokens into fiat currency. This capability will only happen when Pi moves from the closed mainnet to a real public mainnet.

Pi Network Price Prediction

It is not possible to trade Pi Coin because it has not been officially launched. However, some users trade the Pi IoU listed by various companies such as HTX and MEXC.

On the daily chart, we see that the Pi token has moved sideways in recent months and was trading at $40, below the year-to-date high of $120. Its volume has been quite limited, while the Average True Range (ATR) fell to its lowest swing since February this year.

Pi Coin is also hovering at the 50-day and 25-day exponential moving averages (EMA). In technical analysis, you may have moved into the accumulation phase of the Wyckoff Method, which is followed by the mark-up phase. If that happens, it could rise to more than $50 in the coming weeks.

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