Pi Network, the cryptocurrency that has been generating significant attention, continues to experience volatility and uncertainty as it strives to move toward its long-awaited mainnet launch. Since its debut, Pi Coin’s price has seen dramatic fluctuations, most notably dropping from an all-time high of $344 shortly after its launch. Currently, Pi Coin is trading within a narrow range, fluctuating between $30 and $100.
Pi Network is currently testing the lower end of this range, slightly below its 10-week moving average, and showing signs of a double-top pattern that often signals potential downside pressure. However, some analysts view this ongoing consolidation as part of the Wyckoff accumulation phase, which indicates that the coin may be preparing for a major price surge once the network hits the markup phase.
The key catalyst for this surge would be the Pi Network’s transition from the enclosed mainnet to the open mainnet. Developers have hinted that this major shift could occur in the first quarter of 2025, potentially leading Pi Coin to revisit its previous high of $100. However, further delays could send the coin tumbling back toward the $18.20 support level, which would be a significant blow to investor sentiment.
Adding to the uncertainty, the Pi Network team recently delayed its KYC verification deadline to February 28, 2025, marking the third time they have postponed this deadline. The delay is intended to give more time for users to migrate their tokens, but it has raised concerns among the community about the team’s ability to meet key deadlines.
In conclusion, while the Pi Network’s future holds potential for a major breakout, much depends on the upcoming mainnet launch and whether the developers can deliver on their promises. Investors should remain cautious, as any further delays could drive the price down significantly.
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