This is the latest news about Pi Cryptocurrency. Only accessible on HTX, the Pi Network (PI) coin was trading at $43.22 on Sunday, just above the double-bottom mark at $38. The developers of the Pi Network say that the pioneers’ KYC deadline is set for January 31. Since the deadline has already been delayed twice, verified pioneers hope it won’t be extended again. The reason for the extensions was that only 8 million of the more than 13 million verified pioneers had moved their coins to the mainnet. Therefore, if at least 10 million of these users have transferred their coins to the mainnet, the KYC verification process will probably come to an end.
Being one of the three requirements that must be met prior to the mainnet launch, the KYC verification process is crucial. The network must have at least 100 mainnet-ready applications, which is the second requirement. The developers pointed out that there were roughly 80 apps in the most recent update, which means that 20 more must be completed before the mainnet launch. The external environment’s third requirement has already been satisfied.
Therefore, if the developers confirm that the mainnet launch will take place this quarter, the price of the Pi coin is likely to rise. Because it will enable pioneers who have been mining the coin for more than six years to sell their holdings for fiat, this launch will be significant. According to history, the majority of tap-to-earn tokens decline following their airdrop. For instance, following their airdrops, coins such as DOGS, Catizen, and Hamster Kombat have all experienced double-digit crashes.
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Price analysis of Pi Networks
The price of the Pi coin fell to crucial support at $38 last week, according to the daily chart. Given that it fell at the same time as the lowest level in October of last year, this was an important level. That indicates that it has developed a double-bottom pattern with a $91.50 neckline. One of the most common bullish reversal signs is a double-bottom.
Therefore, if the developers confirm the mainnet launch date, the price of Pi Network may increase by more than 110%. It experienced a similar price action in October last year, going from $37 to $100 in a matter of days. However, a strong breakdown—possibly to $30, the lowest swing in September—will probably result from another deadline extension.
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