Pi Network price retreated during the weekend after the developers extended the KYC verification deadline and as most cryptocurrencies dropped. The Pi coin has now retreated by 52% from its October highs. Let’s explore whether the coin has room to bounce back to $100 after this crash.
Can Pi Network Price Surge to $100 After Brutal Sell-off?
The Pi Network price suffered a harsh reversal after it surged to $91.78 on November 23rd. This decline was notable since it happened as the market was anticipating the end of the grace period of the KYC verification by pioneers.
Pi coin fell after it formed a double-top pattern around the $92 resistance level. This pattern is characterized by two peaks where an asset struggles to move above. Its neckline was at $45.
On the daily chart, the Pi Coin value has dropped below the lower side of Andrew’s pitchfork tool, signaling that bears are in control. It has also dropped below the key support level at $49.88, its highest swing on July 13.
Pi coin is also forming a bearish pennant chart pattern, which is characterized by a vertical line and a triangle-like pattern. In most periods, this is one of the most bearish chart patterns in the market.
Therefore, there are signs that the coin will continue falling in the coming days. This view will be confirmed if it drops below the 100-day moving average at $47.95. If this happens, the next potential target will be at $29.42, its lowest point in September this year.
On the flip side, a move above the key resistance level at $62.83, its highest swing on November 11 will invalidate the bearish view. If this happens, it means that the Pi Network price may jump to $100 this month.
Pi Coin’s KYC verification extended
A likely reason why the Pi Network price is falling is that the odds of a mainnet launch happening this year fell. In an X post, the developers said that they were extending the grace period for pioneers to verify themselves from November 31 to December 31.
The developers also noted that the mainnet checklist deadline will happen on the same day. What this means is that the much awaited mainnet launch will not happen this year as the developers had pledged.
In addition to the KYC verification, the developers hope that the mainnet launch will happen when the market is conducive. Also, they hope to ensure that there is enough utility in the ecosystem. In its recently launched PiFest, the network registered over 27,000 sellers who will be ready to start accepting the Pi coin.
Pi Network’s mainnet launch is important because it will help pioneers who have been mining the coin convert them to fiat currencies.
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