pi-network

Pi Network Price Eyes $200 Target as KYC Grace Period Deadline Approaches

Pi Network’s price has recently retreated, testing key support levels amidst a broader market decline. The altcoin season remains elusive, leaving many coins, including Pi, struggling to maintain momentum. However, the looming January 31st Know Your Customer (KYC) grace period deadline and a potential mainnet launch could ignite a sharp rebound in Pi’s price, possibly propelling it toward $200.

KYC Deadline Marks Crucial Milestone for Pi Network

Pi Network has seen a noticeable price decline, as investors anticipate the upcoming KYC verification deadline. Set for January 31, this step is critical for the Pi Network’s transition to its mainnet. The KYC process requires millions of users (pioneers) to verify their identities, ensuring the network remains bot-free. With a verification process spanning over 200 countries and territories, the goal is for at least 10 million pioneers to migrate their Pi coins to the mainnet. Recent deadline extensions have aimed to achieve this milestone, although the number of verified users still falls short.

In addition to KYC, Pi Network aims to have at least 100 mainnet-ready applications by the launch. As of now, the network has fewer than 80 such applications. While this could delay the mainnet launch, a failure to extend the deadline again could fuel a Pi coin price rebound as the mainnet nears.

Source: CMC Data

Pi Coin Price: Can It Reach $200?

The Pi coin price has been in a downtrend since its November peak near $100. Currently, Pi trades below the crucial support level of $44, signaling bearish market sentiment. However, this price action hints at a potential double-bottom pattern forming at $3, with the neckline at $100. Should this pattern play out, Pi could surge to $200, representing a 357% increase from current levels.

Pi Network Price Chart
Pi Network Price Chart

The weekly chart also suggests a possible price surge. With Pi’s price at the lower end of an ascending channel and decreasing trading volume, a breakout above the channel could trigger a rise to $200.

Also Read: Pi Network’s Open Network Launch in 2025: A Decentralized Revolution for Crypto Mining and Innovation

In conclusion, while Pi Network faces challenges, its upcoming milestones offer a glimmer of hope for significant price movement in the coming months.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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