Pi Networks Mainnet Launch Continues to Face Setbacks and Disappointment

Pi Network’s Mainnet Launch Continues to Face Delays and Disappointment
The eagerly awaited open mainnet launch of Pi Network, a mobile-based crypto-mining platform, may not occur in June as initially promised. The platform has been shrouded in uncertainty regarding the launch, with the number of users migrating to the mainnet reaching over 5.58 million, falling short of the 10 million target set by the team for the launch.
One of the key conditions for the mainnet launch is the absence of any unfavorable circumstances, ranging from personal health issues to global catastrophes, making a June launch seem unlikely. This has led users like Akshay Dingoriya to question their involvement in the project. Dingoriya, a data analyst and guitar instructor from Noida, India, who joined Pi Network during the COVID-19 lockdown, has lost faith in the project due to the continuous delays and has stopped mining PI coins.
The frequent delays in the mainnet launch are expected to deter traders from buying PI coins in regions like India. Once the mainnet is launched, the project may face significant selling pressure from miners, potentially driving the PI coin price down to zero or causing a substantial decline. Further delays could result in more miners abandoning the Pi network, posing a risk to the project’s survival.
The price of PI coin IOUs on HTX has remained stagnant below $42 since late April 2024. Any potential price rally would encounter resistance at the 0.618 FIB level near $41, with a breakthrough likely leading to a rally towards $43.5 before a retracement. Conversely, a downtrend, although improbable given the current price stability, would test support levels near $37 and $35. The RSI for PI coin remains neutral, with a score of 44.19 on daily charts, indicating a lack of clear direction in price movement.