- The Pi Network team is pushing to complete KYC verifications before launching the mainnet.
- Key technical support levels have helped the coin’s price hold steady.
The Pi Network ecosystem has been on the rise, leading up to a major milestone for cryptocurrency. The Know Your Customer (KYC) verification is due by December 31, and the excitement for the mainnet launch is on the rise, and Pi Coin’s market movement has been quite noticeable. Some analysts are predicting that Pi Coin may be able to reach the target $100 price point set for it.
Pi Coin has shown strength in the recent past and bounced back from the 200-day Exponential Moving Average (EMA) on HTX. This support level that has been in place since October 12 has given a basis for bullish price action. Pi Coin rose to its highest level in recent months to $68.80 on November 24.
The coin has also been trading above an ascending trendline connecting the lower wicks since September 20, and backed up by Murrey Math Lines. These technical indicators point to Pi Coin’s potential in continuing the upward movement, with potential resistance levels at $68, $75, and $91.83.
A break above $91.83 may open the door for a move to $100, which is 75% above the current price. However, a breakdown below the 200-day Exponential Moving Average (EMA) at $44.32 would spoil the bullish outlook, thereby pushing the prices towards $29.27.
KYC Progress Drives Optimism
The Pi Network team has been very vocal about the need for due diligence in the form of KYC before the mainnet launch. More than 7.2 million accounts have been validated as of now, and the target is to reach 10 million by the close of December this year. This is a significant step that will pave the way from the closed testnet phase to the live mainnet phase of the network.
Pi Network has also unblocked more than one million users, allowing them to apply for the new KYC or continue with the existing ones. The platform has already postponed the KYC applications’ deadline to the end of 2024; the final submission deadline has also shifted to the migration deadline.
The Pi Network’s app that enables users to mine digital currency using smartphones without much power usage has been downloaded more than 100 million times on the Google Play Store.
Anticipation Surrounding Mainnet Launch
There is much anticipation regarding the possible time of the mainnet launch of Pi Network. The development team plans to give more clarity by releasing a detailed roadmap in December. Some of the main changes may involve the possibility of purchasing and selling Pi tokens and their listing on popular platforms such as Binance, Coinbase, and OKX.
The growing list of companies that are willing to take Pi Coin as payment is an indication that the cryptocurrency has a use. If the Pi Coin is listed in the major exchanges, it has the potential for massive price increments due to increased trading traffic and depth. Despite optimism, some members of the community remain cautious.
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