Pi Network price rose for two straight days as sense of optimism rose ahead of a key catalyst that will determine its future in 2025. The token, which is seen as a proxy for the Pi project, rose to $44 on Friday, a few points above this week’s low of $38. So, is it safe to buy Pi Coin now?
Pi Network Price Rises Ahead of Grace Period Date
Pi Coin, which is only listed on HTX, rose as the countdown to the end of the KYC grace period neared. The KYC is a process where the millions of pioneers who joined the network verified their identity. Its goal is to remove bots, which are common in many tap-to-earn networks.
The grace period ends on January 31st after being postponed twice in the past few months.
Why This Grace Period Matters
January 31 will be a key day because it will provide more information about whether the Pi Network mainnet launch will happen. The developers aim that as many pioneers verify their identity as possible. In the last update, over 13 million of them had verified their identity, but only 8 million had migrated their coins to the mainnet.
When will the Pi Network mainnet launch happen?
The mainnet launch will be an important event because it will allow pioneers to monetize their coins. Some of these users will hold their coins and hope for the price to surge. Others will many of them will likely sell and take a profit.
The KYC verification is a key part of the mainnet launch. The other two are a conducive external environment and at least 100 mainnet-ready applications. As such, there is a possibility that the mainnet launch may be delayed since there are fewer than 100 apps. If all goes well, the mainnet launch will happen in Q1.
Pi Network Price Analysis As A Double-Bottom Forms
The chart shows that the PI Coin price has risen this week. This rebound happened after crashing to the key support at $38.07. This was a key price because it coincided with the lowest swing in October last year. It could be a sign that it has formed a double-bottom pattern whose neckline is at $91. A double-bottom is a highly popular bullish reversal pattern.
Pi Network Price
Pi Price Targets
Therefore, the value of Pi may rebound if the developers confirm that the grace period will be on January 31 and crash if it is delayed again. A bullish breakout may see it jump to as high as $90 or $100 as it did in November.
On the other hand, another delay will see the Pi Network price crash below $36 to the next key support at $30, its lowest level in September last year.
The post Pi Network Price Braces For a Key Catalyst: Time to Buy PI Coin? appeared first on CoinGape.
