Pi Network has fallen off a cliff from its November highs as the $100 price target became highly elusive. This decline is mostly because of the ongoing altcoin retreat and the few mainnet launch delays by the developers. Based on their past statements, the Pi coin mainnet launch will likely be delayed again, which may affect its performance.
Will PI Network Delay The Mainnet Launch Again?
The Pi Network price surged to nearly $100 in October as the countdown to the first grace period continued. It then crashed to $47 and bounced back to $91 as this deadline neared.
These gains were short-lived as the developers postponed the grace period again to December. The same trend continued, and in December, they extended the verification period again to January 31st of this year. In the statement, they noted that their goal was to launch the mainnet in the first quarter of this year.
They argued that more time was needed to ensure that at least 10 million pioneers moved their tokens to the mainnet.
However, there is a risk that the mainnet launch may be delayed again as the developers have done repeatedly in the past few years. In the announcement below, the developers said that the open network can – not will – launch as soon as possible in Q1. Including the phrase can introduces uncertainty about the launch.
Pi Network’s developers have a lot to do ahead of the mainnet launch. They needs to verify millions of users, who will then migrate their tokens to the mainnet and create partnerships with tier-1 exchanges.
According to the pre-mainnet requirements, the network needs to have at least 100 mainnet-ready apps in its platform before the launch. There are now about 80 of these apps, meaning that they need at least 20 before the mainnet happens.
Pi Network Analysis: Path To $100 Remains Elusive
Crypto analysts have been optimistic that the Pi coin price will get to $100 as the mainnet launch approaches. However, these hopes have not materialized, and the token has continued to consolidate below $50 in the past few weeks.
This consolidation has happened slightly below the 50-day moving average and above the ascending trendline that connects the lowest levels since September this year. This trendline has created an important support level as the coin has failed to drop below it.
The other risk is that the Pi coin has formed a pattern resembling a head-and-shoulders pattern, a popular bearish sign. Therefore, another mainnet approval delay would likely lead to a bearish breakdown, possibly to support at $43.10, its lowest shadow on December 20.
Conversely, odds of approval would likely push the Pi Network price much higher, initially to $68.80, the right shoulder, then $100. Such a price action would mean that the ongoing consolidation is part of accumulation.
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