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Key Takeaways:
- PI coin price rallied over 72% since Oct. 14 despite no new updates.
- Pi Network continued its shilling campaign.
- PI coin price is moving inside a bearish pattern.
NEW DELHI (CoinChapter.com) — PI coin, the native token of the Pi Network, started a bull run on Oct. 14 that saw its price rocket over 72% to reach a daily high of $50 on Oct. 16.
The rally helped the Pi Network token price end its nearly 7-week-long downtrend on Aug. 29. PI coin price spiked 42% from the day’s low of $35 on Oct. 16 before paring nearly half of its gains, suggesting bears are booking profits.
If bears continue selling, the Pi Network token price might drop to the 200-day EMA (green wave) support near $37. Moreover, breaching below the immediate support level might result in the PI coin price testing the support near $29.6 before recovering.
The RSI for the PI coin remained neutral, with a score of 69.85 on the daily charts, barely short of the overbought threshold of 70. The near-overbought RSI levels could have contributed to PI coin price paring gains.
On the other hand, if the PI price continues to rally, the token might face resistance near $46.6. Breaking and consolidating above the immediate resistance might help the Pi Network token price rally to the resistance near $54.
Pi Network Shilling Campaign Continues, Minus Any Updates
Pi Network started with hopes of becoming a Bitcoin alternative. The platform offered users a platform to mine crypto tokens using mobile phones, unlike Bitcoin mining, which needs massive computing power.
However, over time, the network’s followers have developed a cult-ish status, unquestioningly devoting themselves to the idea that PI coin would make them millionaires overnight.
A recent trend is Pi Network fan accounts asking users if the PI coin price would reach the ridiculous price tag of $314,159 (a figure inspired by the value of pi to 5 decimal places) after the mainnet launches.
However, it remains unclear when the much-awaited Pi Network mainnet will launch. There is uncertainty regarding the launch of the platform’s roadmap, with speculation of a two-part launch in October and December this year.
Furthermore, an X account that shares news about the Pi Network claimed the upcoming roadmap might not shed any light regarding the mainnet launch. It is unclear if the account is the platform’s official channel. The post claimed that the mainnet launch “will be a surprise.”
The claim would likely be true since the mainnet launch will surprise users if and when it happens.
Meanwhile, several Pi Network users have become disillusioned with the team’s claims and have uninstalled the mining application from their phones.
However, posts from Pi Network fans asking others what they would do once their PI coins make them millionaires or posts showing how two users exchanged goods using PI coins as the transaction medium bury the posts complaining about the platform.
Interestingly, users are currently trading PI coins using IOUs.
The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Hence, delays in the launch have left users with a load of tokens with little real-world value, except when used on PiChain mall or other avenues that accept PI tokens as a currency.
PI Coin Price Moving Inside Bearish Pattern
Meanwhile, the PI coin price has formed a bearish technical pattern called the ‘Descending Triangle.’
In detail, a descending trendline connecting swing highs and a horizontal trendline joining swing lows form the pattern. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
Per the rules of technical analysis, the PI coin price could drop over 65% to reach the theoretical price target of $14.80 if the triangle pattern pans out.
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