Pi Network Mainnet Launch Progresses While Bitcoin Forms a Rare Death Cross Pattern

Pi Network developers have been working diligently this year to ensure the blockchain moves from the enclosed mainnet to the public mainnet phase.

Pi Network developers have shared updates on the mainnet launch, highlighting the progress in Know Your Customer (KYC) verification. Over 13 million Pioneers have passed the KYC process, and 6 million have migrated to the mainnet.

The network is collectively advancing towards the Open Network goals, with the progress accelerating over time.

To ensure that everyone has ample time to complete the KYC verification, a six-month grace period will be applied before officially locking out those who haven't completed the process yet.

This step is crucial in Pi Network's journey to the mainnet, aiming to eliminate potential bots and being one of the three critical milestones.

Once these milestones are achieved, users will be able to sell their Pi coins.

The other two milestones include the development of Pi Network's ecosystem and a conducive market environment.

In terms of the ecosystem, Pi Network creators aim to have at least 100 decentralized applications (dApps) to create utility for the token.

However, it is unclear how many Pi Network dApps are available so far. A repository shows that there are about 27 dApps in areas like commerce, games, NFTs, and utilities in the ecosystem.

Bitcoin has formed a death cross pattern as the 50-day and 200-day Simple Moving Averages made a bearish crossover.

Historically, this pattern is often followed by a significant decline. In 2022, Bitcoin dropped by over 60% after the pattern formed.

The developers also hope that the token listing will occur in a favorable market environment.

While Bitcoin (BTC) and most cryptocurrencies reached record highs earlier this year, many have since reversed. Bitcoin has recently formed a death cross pattern.

This pattern occurs when the 50-day Simple Moving Average (SMA) crosses below the 200-day SMA on a price chart, indicating a bearish trend.

Historically, the death cross is often followed by a significant decline in price. For instance, in 2022, BTC price dropped by over 60% after the pattern formed.

The death cross is usually contrasted with the golden cross, which occurs when the 50-day SMA crosses above the 200-day SMA, indicating a bullish trend.

The death cross and golden cross patterns are widely used in technical analysis, and traders often use them to identify potential price movements and make informed decisions.

However, it is important to note that these patterns do not always accurately predict future price changes, and they should be used in conjunction with other technical indicators and fundamental analysis for a more comprehensive assessment of the market.

Moreover, the timing of a cryptocurrency's listing on an exchange can significantly impact its price.

For instance, listing a cryptocurrency in a bull market can amplify its gains, while listing it in a bear market might dampen its price performance.

As we have covered before, Pi coin’s price action could also be affected by the performance of other tap-to-earn coins in the market, given their similar business models.

Publicly traded tap-to-earn tokens like Notcoin and PIXFI have already recorded double-digit declines from their all-time highs, while Hamster Kombat’s futures have hit record lows this week.

This price performance could foreshadow Pi coin's fate after it becomes sellable on exchanges.

As pioneers finally gain the ability to sell their tokens, there is a possibility that many will choose to cash out after holding onto Pi coin for several years without being able to sell it.