Pi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?
Pi Network KYC Grace Period Is Ending
The Pi Coin IoU token has staged a strong recovery, rising to $80, which was 175% above its lowest level in September. This rally happened as the soaring cryptocurrency prices raised the expectation that its mainnet launch would happen in December.
Pi Network also surged ahead of the November 30th deadline of ending the grace period of the Know Your Customer (KYC) verification process. The KYC process hopes to verify millions of pioneers who have been mining the coin in the last six years and removing bots.
This verification is an important stage towards the mainnet launch, which is anticipated to take place in December. When it happens, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who don’t complete their verification will lose all their mined coins.
The KYC is part of three things that need to happen before the Pi Network mainnet launch happens. The other one is the existence of a vibrant ecosystem, which is expected to give the Pi coin utility.
Additionally, the developers hinted that the mainnet launch or the move to the open network would happen when market conditions are conducive. This criterion has been met because most cryptocurrencies are in a strong rally and regulations are expected to be friendly under the Trump administration.
Pi Coin Price Rally Could Continue
Pi Coin is an IoU that is not affiliated with the real project and is only listed in HTX. It is often seen as a proxy for the coin, which explains why its price has jumped in the past few weeks.
On the daily chart, the Pi price jumped to $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then suffered a harsh reversal and dropped to $45 on November 12.
The coin has now bounced back and remains above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines.
The Average Directional Index (ADX), a popular measure of a trend strength, has moved to above 60. Also, the Relative Strength shows that it has momentum. Therefore, the coin may soon jump to $100, which is about 25% above the current level. A move above that level will raise the probability of it rising to the year-to-date high of $121, 53% above the current level.
On the flip side, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and raise the odds of it falling to $45.
Frequently Asked Questions (FAQs)
The Pi Network token has rallied as the end of the six-month grace period for pioneers to KYC themselves near. It has also surged because of the ongoing crypto bull run.
The developers have committed to completing the mainnet launch this year. As such, with just a month to go, odds are that it will happen in December.
The Pi Coin IoU is a cryptocurrency traded just in HTX that acts as a proxy for the main Pi network. It is not affiliated with the real project.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/pi-network-coin-price-surges-as-key-deadline-nears/
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