Is Pi Network Mainnet Delay a Genius Strategy or a Red Flag?

Pi Network is encountering resistance at channel boundaries

• #Pi Network has announced a six-month grace period starting July 1 in preparation for the Open Network launch.

• During this period, pioneers need to undergo KYC verification and migrate to the mainnet.

• $Pi Coin has been trading within a descending channel for several months.

• On July 13, $PI coin's IOU breached the channel, reaching a high of $50, but encountered resistance, losing momentum, and returning inside the channel.

• The price of the #Pi Network token has been in decline for the fifth consecutive day.

• According to Coingabbar Prediction, The descending channel's resistance suggests a potential drop towards the support line near $30, indicating a possible 25% decline in price.

• The daily RSI for PI coin is currently at 57.06, reflecting a relatively neutral stance with no clear bullish or bearish momentum, although the overall chart pattern leans towards a bearish outlook.

KEY LEVELS :

RESISTANCE LEVEL : $50.00-$65.00

SUPPORT LEVEL : $35.00-$25.00

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.