Pi Coin (PI) Shows Strength, May Reach the $100 Target as KYC Verification Deadline Extends to December 31, 2024

The Pi Network ecosystem has been on the rise, leading up to a major milestone for cryptocurrency. The Know Your Customer (KYC) verification is due by

Pi Coin price has been rallying in recent times, bouncing off the 200-day Exponential Moving Average (EMA) on HTX. This support level, in place since October 12, has provided a basis for bullish price action. Pi Coin rose to its highest level in recent months at $68.80 on November 24.

The coin has also been trading above an ascending trendline connecting the lower wicks since September 20, backed up by Murrey Math Lines. These technical indicators point to Pi Coin’s potential to continue the upward movement, with potential resistance levels at $68, $75, and $91.83.

A break above $91.83 may open the door for a move to $100, which is 75% above the current price. However, a breakdown below the 200-day Exponential Moving Average (EMA) at $44.32 would spoil the bullish outlook, pushing the prices towards $29.27.

The Pi Network team has been emphasizing the importance of completing KYC before the mainnet launch. Over 7.2 million accounts have been validated so far, aiming to reach 10 million by December's end. This step will transition the network from its closed testnet phase to the live mainnet phase.

Pi Network has also unblocked over one million users, allowing them to apply for the new KYC or continue with the existing ones. The platform had earlier postponed the KYC applications’ deadline to the end of 2024; the final submission deadline has also shifted to the migration deadline.

The Pi Network app, which enables users to mine digital currency using smartphones without significant power usage, has been downloaded over 100 million times from the Google Play Store.

Much anticipation surrounds the possible timing of the Pi Network mainnet launch. The development team plans to provide more clarity by releasing a detailed roadmap in December. Some key developments could include the ability to purchase and sell Pi tokens and their listing on major platforms like Binance, Coinbase, and OKX.

The growing list of companies willing to accept Pi Coin as payment is an indication of the cryptocurrency's use case. If the Pi Coin is listed in the major exchanges, it has the potential for massive price increments due to increased trading traffic and depth. Despite optimism, some members of the community remain cautious.