The Pi Network price has retreated to retest a crucial support level, coinciding with a broader market downturn amid a lackluster altcoin season. However, renewed optimism around the upcoming Know Your Customer (KYC) grace period deadline and a potential mainnet launch could ignite a sharp rebound, potentially pushing Pi coin’s price toward $200.
Key Developments Fueling Optimism
The January 31 KYC grace period deadline marks a pivotal moment for the Pi Network ecosystem. This automated identity verification process involves millions of pioneers globally, with the goal of eliminating bots and ensuring a secure network. Developers aim for at least 10 million verified pioneers to migrate their coins to the mainnet, laying the groundwork for the final launch. While previous deadline extensions aimed at meeting this target, the looming deadline could act as a catalyst for price movement.
Another critical milestone is the development of mainnet-ready applications. The Pi Network hopes to achieve at least 100 apps before the launch, but only around 80 have been confirmed to date.
Technical Analysis: Double-Bottom Pattern Emerges
Pi Network’s price chart indicates a potential double-bottom formation at the $30 level, with a neckline at $100. Historically, such patterns precede strong bullish reversals. If the price breaches the $100 neckline, it could rally to $200, representing a 357% surge. This potential movement aligns with past market behaviors, such as XRP’s remarkable 500% rally.
On the weekly chart, Pi Network’s price is testing the lower boundary of an ascending channel. Falling volume levels hint at possible accumulation, setting the stage for a breakout.
Risks to Watch
A crash below the $30 level would invalidate the bullish outlook, potentially triggering further declines. Similarly, another extension of the KYC grace period or mainnet launch delay could dampen investor sentiment.
Also Read: Pi Network Price Eyes $200 Target as KYC Grace Period Deadline Approaches
With the deadline approaching and significant developments on the horizon, Pi Network presents a speculative yet intriguing opportunity for crypto investors.
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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