Pi Network Coin Price Surges As Key Deadline Nears

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As a seasoned analyst with years of experience observing the cryptocurrency market, I have seen my fair share of price surges and corrections. The Pi Coin’s recent rally is certainly intriguing, given its history and the upcoming KYC deadline.

For six straight days, the value of Pi Coin has been climbing, just before an important date coming up this month. Could it maintain this upward trend and potentially reach back to its October peak of $100?

Pi Network KYC Grace Period Is Ending

1) After a significant surge, the Pi Coin IOU token currently stands at around $80 – a 175% increase from its record low in September. This uptrend is attributed to the growing anticipation that its mainnet launch might occur in December, as cryptocurrency prices continue to climb.

By the November 30th deadline, Pi Network moved forward with concluding the grace period for its Know Your Customer (KYC) verification process. This initiative aims to authenticate countless miners of the coin over the past six years and weed out any automated accounts.

This verification process marks a crucial step leading up to the mainnet’s expected release in December. Once completed, pioneers can exchange their mined tokens for traditional currencies or stablecoins. However, those who fail to complete verification will forfeit all mined coins.

Among the prerequisites for the Pi Network’s mainnet launch are three key components:

Furthermore, the developers suggested that the mainnet launch or transition to an open network would occur when market circumstances are favorable. Given the current situation, it seems that this condition has been fulfilled as most cryptocurrencies are experiencing a bull run and regulations are anticipated to be lenient under the Trump administration.

Pi Coin Price Rally Could Continue

Pi Coin functions as a Receipt-for-Value (IoU) that doesn’t have ties to the actual project. However, it is featured on the HTX platform. Due to this association, it is frequently viewed as a stand-in for the genuine coin, which could be why its value has noticeably increased in recent weeks.

Earlier this month, the Pi’s price soared to $100 on its daily chart following the developers’ confirmation of an imminent mainnet launch. However, it experienced a significant decline since then, falling down to $45 on November 12th.

The coin’s value has rebounded and is currently higher than both its 50-day and 200-day moving averages, which are calculated exponentially. Additionally, it has surpassed the significant resistance level set by the Murrey Math Lines.

The Technical Indicator Average Directional Index (ADX), widely used for gauging trend strength, has surpassed 60, indicating a strong trend. Moreover, the Relative Strength Index (RSI) suggests positive momentum. Consequently, there’s a possibility that the coin could soon reach $100, representing approximately a 25% increase from its current value. If it surpasses this level, the likelihood of reaching the year-to-date high of $121, which is around 53% above the current price, increases significantly.

Conversely, if the price falls slightly below the significant reversal level at $62.5, it could call into question the ongoing bullish trend, potentially increasing the likelihood that it may drop down to $45 instead.

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2024-11-22 16:28