Pi Network Price Eyes $200 Target as it Approaches Key Support Ahead of Key Deadline
Pi Network price has retreated and retested an important support level this week. This decline coincided with that of many coins as the altcoin season remains elusive. However, the upcoming KYC grace period deadline and a possible mainnet launch may propel the Pi coin price up sharply, potentially toward $200.
Pi Network Price Provides Buying Opportunity Ahead of Grace Period Deadline
The Pi coin has crashed as investors eye the upcoming grace period of the Know Your Customer (KYC) deadline. This deadline, which will happen on January 31, will be a crucial step towards the mainnet launch.
KYC verification involves the millions of pioneers in the ecosystem verifying their identities. It is an automated process that involves top validators and built-in technology to verify users from over 200 countries and territories. The goal is to ensure that the Pi network does not have bots, as many tap-to-earn network games have.
The developers hope that at least 10 million pioneers will move their Pi coins to the mainnet. They will then proceed on to the next stage of the mainnet launch if the number of verified and migrated pioneers is at least 10 million. Their recent two deadline extensions aimed at reaching this milestone.
Pi Network also hopes there will be at least 100 mainnet-ready applications before the mainnet launch. This outlook is unlikely as only there are less than 80 of these apps as of this writing.
Therefore, there is a possibility that the Pi coin price will bounce back if the developers don’t provide another deadline extension.
Can the Pi Coin Price Hit $200?
The daily chart shows that the Pi token price peaked at near $100 in November and has been in a strong downtrend after the two grace period extensions.
This chart paints a strong bearish picture for the coin now that it has dropped below the key support at $44, its lowest swings since November 12. It has also crashed below all moving averages, signaling that bears are in control for now.
Another way to look at this price action is that the Pi Network price is slowly forming a double-bottom pattern at $3, and the neckline is at $100. A double-bottom usually leads to a strong rebound.
If this happens, then the next point to watch will be at $100. A break above that neckline may see the Pi Network price soar to $200, the highest level in December 2023. Such a move would imply a 357% surge from the current level. That price movement is possible in crypto as happened with the 500% XRP price surge.
A crash below the potential double-bottom pattern at $30 will invalidate the bullish view and point to more downside. This decline may be triggered by a grace period or mainnet launch extension.
Pi Network Price Weekly Chart Analysis
The weekly chart also points to a potential Pi Network price surge too. The condensed chart shows that the token formed an ascending channel and its weekly volume has been falling. A drop in volume could be a sign of accumulation.
The price has now moved to the lower side of the ascending channel and is slightly below the key S&R level at $46. Therefore, a break above the middle side of this channel may point to a jump to $200, the upper side of this regression channel.
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