Pi Network depreciated this week after Bitcoin (BTC) fell below $ 100,000. In addition, delays in the verification process of Know Your Customer (KYC) may have increased this decrease further. While hopes for the launch of Mainnet in the first quarter are decreasing, how long can the Pi network price take to $ 100?
Pi Coin Technical Analysis: When is the $ 100 target?
The Pi Network price is traded in a narrow range after the launch of 2023 has fallen hard at $ 344. The price continues to move between the upper limit of $ 100 and the lower $ 30 lower limit.
The last -week graph shows that Pi Network is approaching the bottom of the slightly rising channel and traded below the 10 -week moving average. The price has also created a dual peak formation. This formation can usually result in a downward movement.
Potential Catalyst and Wyckoff Theory
On the positive side, the two -year consolidation process may be part of the accumulation phase according to the Wyckoff Theory. This theory says that the beings go through four stages: accumulation, rise (Markup), distribution and decline. The accumulation phase for Pi Network has continued for a long time, which may indicate that the price is prepared for a strong rise.
The main catalyst may be the announcement of the date when Pi Network will switch from closed mainnet to open mainnet. If this happens, the price is possible for up to $ 100. It seems possible that this movement can take place in February or March, and developers will give clues that the launch of the mainnet will be in this quarter.
Pi Network KYC Process and Mainnet Delay
The uncertainty in the Pi Coin price has increased with the postponement of developers from January 31 to February 28 from January 31 to 28. This postponement was made to allow more users to move their tokens to Mainnet.
For those who cannot carry their tokens during this time, a six -month extension period will be provided. However, it is known that Pi Network developers have missed many times specified dates in the past. If the Mainnet launch does not occur in this quarter, there is a risk of falling to $ 18.20. This level draws attention as the lowest support level seen in May 2023.
