Pi Network’s IoU price, the price of a token or coin that is promised or owed, is set for a big week as the Know Your Customer verification grace period ends.
Pi Network’s KYC deadline is nearing
The Pi Network (PI) coin, which is available only on HTX, was trading at $43.22 on Sunday, a few points above the double-bottom point at $38.
According to the Pi Network’s developers, the KYC deadline for the pioneers will end on January 31. Verified pioneers hope that the deadline will not be extended again since it has already been postponed two times.
The extensions were because, while over 13 million pioneers were verified, only 8 million of them had transferred their coins to the mainnet. As such, the KYC verification will likely end if at least 10 million of these members have moved their coins to the mainnet.
The KYC verification is an important process since it is one of the three conditions that needs to happen before the mainnet launch. The other condition is that the network needs to have at least 100 mainnet-ready applications.
In the last update, the developers noted that there were about 80 apps, meaning that 20 more needs to be ready before the mainnet launch happens. The third condition on the external environment has already been met.
Therefore, the Pi coin price will likely surge if the developers confirm that the mainnet launch will happen this quarter. This launch will be important because it will let pioneers who have been mining the coin for over six years sell their holdings for fiat.
History shows that most tap-to-earn tokens drop after their airdrop. For example, coins like Hamster Kombat (HMSTR), Catizen (CATI), and DOGS have all crashed by double digits after their airdrops.
Pi Network price analysis
The daily chart shows that the Pi coin price plunged to the key support at $38 last week. This was a crucial level since it coincided with the lowest level in October last year. That is a sign that it has formed a double-bottom pattern whose neckline is at $91.50. A double-bottom is a highly popular bullish reversal sign.
Therefore, Pi Network price may jump by over 110% if the developers confirm when the mainnet launch will happen. Such a price action happened in October last year when it jumped from $37 to $100 within a few days.
However, another deadline extension will likely lead to a strong breakdown, potentially to $30, the lowest swing in September.
Please note: Pi Network’s IoU is not affiliated with the real Pi project. Instead, it is an ERC token that is only available on HTX and is often seen as a proxy for the main project.
Read the full article here