Analysis of Pi Network speeds up as mainnet launch approaches

Pi Network, a popular cryptocurrency, is making progress towards its mainnet launch and token listing, six years after its initial launch. This update has been met with enthusiasm by the early adopters who have been mining the tokens for years.

KYC verification is still ongoing. According to the developers of Pi Network, they have already verified over 11.1 million pioneers. Out of these, 5.8 million users have successfully transitioned to the mainnet and are now eagerly waiting for the token listing. To streamline the KYC process, the developers have introduced a mainnet checklist.

However, there is still a long way to go before pioneers can convert their tokens into fiat currency. In a December update, the developers outlined three conditions that need to be met before the token can be listed. First and foremost, the KYC verification process needs to be completed for the majority of pioneers, a process that is currently progressing at an accelerated pace.

Secondly, the developers are hoping to establish a robust ecosystem of dApps (decentralized applications) to enhance the utility of the Pi Coin. They have organized hackathons that have resulted in the creation of applications such as the Pi Browser and the Pi Ad Network. However, they believe that the ecosystem still needs further development.

Finally, the developers aim to time the token listing when the market conditions are favorable to ensure a successful launch. Analysts are optimistic about the performance of cryptocurrencies this year, especially if the Federal Reserve decides to cut interest rates. Michael Novogratz recently stated that Bitcoin could potentially reach over $100,000 by the end of the year if bullish sentiment continues.

Pi Network is currently one of the most popular cryptocurrencies worldwide, boasting a user base of over 50 million. It was established in 2018 with the goal of addressing the mining difficulty challenge in the crypto industry. Through its platform, anyone can mine the Pi Coin using their smartphone.

However, the main challenge for miners is the inability to convert these tokens into fiat currency. This functionality will only be available once Pi Network transitions from its enclosed mainnet to a public mainnet.

As of now, it is not possible to trade the Pi Coin officially since it has not been launched. However, some users are trading the Pi IoU, which is listed by companies like HTX and MEXC.

Looking at the daily chart, the Pi token has been trading sideways in recent months, currently at $40, down from its year-to-date high of $120. The trading volume has been relatively low, and the Average True Range (ATR) has reached its lowest level since February this year.

The Pi Coin is currently oscillating around the 50-day and 25-day Exponential Moving Averages (EMA). In technical analysis, this suggests that it may have entered the accumulation phase of the Wyckoff Method, which is typically followed by a mark-up phase. If this pattern holds, the price could potentially rebound to over $50 in the upcoming weeks.