Pi Network’s IOU Price Faces Pivotal Week as KYC Deadline Looms

Pi Network’s IOU Price Faces Pivotal Week as KYC Deadline Looms

The Pi Network token (PI), currently trading on HTX, is at a critical juncture as its Know Your Customer (KYC) verification grace period nears its end. With the deadline set for January 31, the price of the coin could see significant movement depending on upcoming developments.

KYC Deadline Approaches for Pi Network

The PI token was valued at $43.22 on Sunday, hovering just above the double-bottom support level of $38. The impending KYC deadline marks a pivotal moment for the network’s pioneers. This milestone has already been postponed twice, frustrating many verified users who hope no further delays will occur.

So far, over 13 million pioneers have completed KYC verification, but only 8 million have transferred their coins to the mainnet. Developers have indicated that the process will likely conclude if this figure reaches 10 million.

KYC verification is one of three key prerequisites for the mainnet launch. Another condition is reaching a benchmark of 100 mainnet-ready applications. The latest update revealed that approximately 80 applications are currently ready, leaving 20 more to be developed. The third condition, related to the external environment, has already been fulfilled.

A confirmed mainnet launch this quarter could result in a surge in Pi Network’s token price, allowing long-time pioneers to finally trade their mined coins for fiat currency.

Historical Trends and Potential Risks

History suggests caution, however, as many tap-to-earn tokens experience significant price drops after their airdrops. Notable examples include Hamster Kombat, Catizen, and DOGS, all of which saw double-digit declines post-launch.

Pi Network Price Analysis

The daily chart shows that PI recently dipped to a key support level at $38, which aligns with its October 2023 lows. This movement formed a double-bottom pattern, a widely recognized bullish reversal indicator, with the neckline situated at $91.50. If the mainnet launch is confirmed, PI’s price could potentially rally by over 110%, similar to its rapid climb from $37 to $100 in October 2023.

Conversely, another delay in the KYC process could lead to a breakdown, pushing the price toward $30, the lowest level seen in September 2023.

In summary, Pi Network’s token is at a crucial crossroads, with its near-term trajectory hinging on whether the long-awaited mainnet launch becomes a reality or faces further delays.