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Highlights
- Pi Network price to see a 30% price drop amid market volatility.
- KYC crucial for Pi Network's Mainnet and Open Network launch.
- Market correction mirrors broader downturns in major cryptocurrencies.
Pi Network price crashed double digits in the last week, which is in line with the broader crypto market correction, driven mostly by Bitcoin. This steep correction could extend, leading to a 30% crash, suggests Pi Network’s technicals. This drop will send the altcoin to a key support level that could lead to a bounce to $100.
Is Pi Network Price Set for a 30% Drop Before Reaching $100?
After experiencing a 12% rise over the last month, the Pi Network could be heading for a downturn, similar to trends seen in other cryptocurrencies. Even though Pi hit its record high of $330.65 on the 30th of December 2022, it has fallen by 85.51%. The current market trends suggest a 30% downside which would place Pi’s value at $33.
Conversely, a market recovery could propel it toward a $50 resistance level. This forecast aligns with movements in major crypto markets like Bitcoin, which has recently approached the $95,000 threshold. Ethereum, Solana, and XRP have also experienced declines, further indicating a broader market correction. The Pi price is currently at $48.11, with a 2% decrease in the past day.
The price of the Pi Network has been very volatile in its short existence. The last trading sessions have depicted a negative trend in the chart. It has anchored in the region of crucial demand levels at $36.87 and $33.14. Previous surges to activity were key at one point pushing the price to $100 which is a psychological point.
Technical indicators on the 4-hour chart shows depict a mixed sentiment. The RSI hovers near the 50 mark, suggesting a neutral momentum. Meanwhile, the MACD presents a slight bearish crossover, implying potential downward pressure.
Pi Network Price Gears Up for 2025 Launch
As the Pi Network is set to launch on the Open Network, especially in Q1 2025, many people are talking about KYC verification as a critical process. This process is crucial for pioneers wishing to fully engage with the Mainnet. Ensuring a seamless transition to the Open Network involves getting many users KYC-verified.
This verification enables pioneers to actively participate using their Pi tokens once the network is operational. The focus is on bridging the gap between users approved through KYC and those who have transitioned to the Mainnet. This strategic preparation might influence the market’s recovery as the launch approaches.
Why do we need to reduce the gap between the number of KYC’d and Mainnet migrated Pioneers? Because we want to include as many of them as possible in the Open Network! pic.twitter.com/KFRedhfISa
— Pi Network (@PiCoreTeam) December 27, 2024
Pi Network price risks a 30% drop due to market fluctuations and preparation for its launch in 2025. Strategic changes and know your customer approach can greatly influence its comeback and future growth.
Frequently Asked Questions (FAQs)
1. Could Pi Network price fall by 30%?
2. What is Pi Network's all-time high?
3. When will the Pi Network Mainnet launch?
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