Analysis of the Pi Network Price Movement
The Pi Network price is expected to experience significant fluctuations this week due to the impending Know Your Customer (KYC) verification deadline on January 31. As of Sunday, the Pi coin price was trading at $43.22, slightly above the double-bottom support level at $38. The KYC verification process is crucial, as it is one of the three conditions required for the mainnet launch, along with having at least 100 mainnet-ready applications and favorable external environment conditions.
The developers have already postponed the KYC deadline twice, with the current goal of having at least 10 million pioneers transfer their coins to the mainnet. As of now, over 13 million pioneers have been verified, but only 8 million have moved their coins to the mainnet. The mainnet launch is expected to be a significant catalyst for the Pi coin price, as it will enable pioneers who have been mining the coin for over six years to sell their holdings for fiat.
Historically, most tap-to-earn tokens have experienced significant price drops after their airdrops. For example, coins like Hamster Kombat (HMSTR), Catizen (CATI), and DOGS have all crashed by double digits after their airdrops. However, the Pi Network price may defy this trend if the mainnet launch is successful and the developers can deliver on their promises.
Technical Analysis of the Pi Network Price
The daily chart shows that the Pi coin price has formed a double-bottom pattern with a neckline at $91.50. A double-bottom is a highly popular bullish reversal sign, which could indicate a potential price surge of over 110% if the developers confirm the mainnet launch. In October last year, the Pi Network price jumped from $37 to $100 within a few days, demonstrating the potential for significant price movements.
On the other hand, if the KYC deadline is extended again, it could lead to a strong breakdown, potentially to $30, the lowest swing in September. The Pi Network’s IoU price is not affiliated with the real Pi project and is only available on HTX, which may impact its price movement.
Predictions for the Pi Network Price
Based on the analysis, here are some potential predictions for the Pi Network price:
- If the developers confirm the mainnet launch, the Pi Network price may surge by over 110% to $91.50.
- If the KYC deadline is extended again, the Pi Network price may experience a strong breakdown to $30.
- The mainnet launch is expected to be a significant catalyst for the Pi coin price, enabling pioneers to sell their holdings for fiat.
- The Pi Network price may defy the historical trend of tap-to-earn tokens, which have typically experienced significant price drops after their airdrops.
In conclusion, the Pi Network price is expected to experience significant fluctuations this week due to the impending KYC verification deadline. The mainnet launch is a crucial factor in determining the price movement, and the developers’ confirmation of the launch date may lead to a significant price surge. However, if the deadline is extended again, it could lead to a strong breakdown. As always, it is essential to conduct thorough research and stay up-to-date with the latest developments before making any investment decisions.
Key Statistics
- Pi Network price: $43.22
- Double-bottom support level: $38
- Neckline: $91.50
- Potential price surge: over 110%
- Lowest swing in September: $30
- Number of verified pioneers: over 13 million
- Number of pioneers who have transferred coins to the mainnet: 8 million
- Target number of pioneers who need to transfer coins to the mainnet: 10 million
- Number of mainnet-ready applications: 80
- Target number of mainnet-ready applications: 100
Recent Events
- The Pi Network developers announced that the KYC verification deadline would end on January 31.
- The developers noted that there were about 80 mainnet-ready applications, with 20 more needed before the mainnet launch.
- The Pi Network made Mainnet Pi apps accessible through the Ecosystem Interface on the Pi Browser.
- The Pi Core Team tweeted about the availability of Mainnet Pi apps, with more apps to come in the future.
