Pi Network’s $100 Dream: A Comedy of Errors and Delays 🎭

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Ah, the Pi Network price, that fickle mistress of the crypto world, has been wobbling like a drunkard on a tightrope this week. As most cryptocurrencies took a nosedive, and the developers, in their infinite wisdom, decided to delay the Know Your Customer (KYC) verification process yet again, one can’t help but wonder: when, oh when, will Pi leap to the lofty heights of $100? 🤔

Pi Network Price Technical Analysis: The Never-Ending Saga

Behold the weekly chart, a masterpiece of stagnation! Since 2023, the Pi Network price has been trapped in a tight range, like a caged bird dreaming of freedom. It soared to a record high of $344 shortly after launch, only to crash back down to earth. Now, it languishes between $100 and $30, a prisoner of its own making. 🐦

Currently, Pi Network is skulking near the lower side of a slightly ascending channel, just below the 10-week moving average. It has also formed a double-top-like pattern, a harbinger of further doom. But wait! There is a glimmer of hope. The two-year consolidation might just be the accumulation phase of the Wyckoff Theory, a theory that identifies four stages assets go through: accumulation, markup, distribution, and markdown. A prolonged consolidation characterizes the accumulation phase. 🎢

When a catalyst emerges, the asset moves to the markup phase, leading to a strong surge. For Pi Network, this trigger could be the developers finally announcing the date for the move from the enclosed mainnet to the open mainnet. Such a move might just catapult it to $100, the highest level in November. This rebound could happen in February or March, as the developers have hinted that the mainnet launch will occur in the first quarter. 🚀

But beware! If the mainnet launch is delayed further, a strong bearish breakdown could ensue, sending Pi plummeting to the key support at $18.20, its lowest level in May 2023. 📉

Potential Catalyst For the Pi Coin Price: The Delay Chronicles

The Pi Network price has been wavering like a leaf in the wind after the developers postponed the KYC verification deadline from January 31 to February 28. This marks the third delay, a testament to their commitment to procrastination. Their excuse? The delay would allow more pioneers to migrate their tokens to the mainnet. 🐌

Those who fail to migrate their tokens by the deadline will still have a six-month extension to move tokens mined in the past six months. But let’s face it: the Pi Network’s developers have a long and illustrious history of missing deadlines. The mainnet launch may not happen this quarter, and if it doesn’t, the value of Pi could crash further. 📉

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2025-02-05 15:16