How Soon Could Pi Network Price Hit $100?
Pi Network price has wavered this week as most cryptocurrencies dropped and after the developers delayed the Know Your Customer (KYC) verification process. With hopes of the mainnet launch in the first quarter fading, how long will it take for Pi to jump to $100?
Pi Network Price Technical Analysis: When Will It Hit $100?
The weekly chart shows that the Pi Network price has remained in a tight range since 2023 when it crashed from a record high of $344 shortly after launch. It has remained within a narrow range, with the upper side at around $100 and the lower side at around $30.
Pi Network is now nearing the lower side of the slightly ascending channel and is slightly below the 10-week moving average. The coin has also formed a double-top-like pattern, which often leads to further downside.
On the positive side, the two-year consolidation may be a part of the accumulation phase of the Wyckoff Theory. This theory identifies four stages that assets go through: accumulation, markup, distribution, and markdown. A prolonged consolidation characterizes the accumulation phase.
An asset then moves to the markup phase when a catalyst emerges, leading to a strong surge. In Pi Network’s case, this trigger may happen when the developers give the definitive date when it will move from the enclosed mainnet to the open mainnet.
Such a move will likely see it jump to $100, the highest level in November. This rebound may happen either in February or in March since the developers have hinted that the mainnet launch will happen in the first quarter.
On the other hand, a move to delay the mainnet launch further will likely lead to a strong brearish breakdown. Such a move will see it drop to the key support at $18.20, its lowest level in May 2023.
Potential Catalyst For the Pi Coin Price
The Pi Network price has wavered after the developers postponed the KYC verification deadline from January 31 to February 28. This was a notable move since it was now the third time that they have delayed the deadline. Their excuse was that the delay would allow more pioneers to migrate their tokens to the mainnet.
Those who won’t migrate their tokens when the deadline ends will still have a six-month extension that will allow them to move tokens mined in the past six months.
The key concern is that the Pi Network’s developers have a long record of missing deadlines, meaning that the mainnet launch may not happen in this quarter. If this happens, the value of Pi may crash further.
The post How Soon Could Pi Network Price Hit $100? appeared first on CoinGape.
