The Pi Network price has stabilized in the past few days, outperforming other cryptocurrencies, including Bitcoin, Ethereum, Solana, and Cardano. Pi coin was trading at $1.7800 on Tuesday, up by almost 18% from its lowest level this month. It remains about 40% below the highest level this year.
Pi Network KYC deadline extension
The Pi Network price remains in a bear market as investors took profits after the token reached an all-time high. This profit-taking also coincided with the ongoing crypto crash that has led to $1 billion in liquidations.
Pi Network retreat this week happened after the developers announced another KYC grace period annexation. The first extension occurred in November last year, and the developers have made several others recently.
KYC is a crucial part of the Pi Network development proposal in that it allowed pioneers who were mining the tokens to verify their identity and the migrate them to the mainnet. The goal was to ensure that the pioneers were not bots.
The grace period extension has benefited pioneers who have found it challenging to verify their identity. When it ends, it means that millions of pioneers who have mined tokens and are yet to move their coins to the mainnet will lose them.
Read more: Pi Network trading volume surpasses $3B: could Pi Coin gain 240% in March?
Potential catalysts for Pi coin
There are a few reasons why the Pi coin price seems to be doing better than other cryptocurrencies like Bitcoin and Ethereum.
First, there are signs that local businesses have started to accept Pi coin as a medium of payments in some countries. There are reports that thousands of small companies in countries like Vietnam, South Korea, Nigeria, and Ivory Coast have started to accept the coin.
In China, there are reports that a BYD car dealer has started offering Pi as a payment option. While all this is good, there are concerns about how effective Pi will be on the world’s stage and whether many people will use it.
The other potential catalyst for Pi Network price is that it is a Made in USA coin that two ex-Stanford University students established. With Pi Network’s market cap surging to over $10 billion, there is a likelihood that it will gain attention from users.
For example, while far-fetched, it may be included in Donald Trump’s strategic crypto reserves. There is also a likelihood that Pi Network will have a spot ETF as its popularity rises.
The other potential catalyst for the Pi Network price is that it will soon receive exchange listings by large companies. Binance users have already voted to approve the Pi coin listing, meaning that it will happen soon. That listing will give it access to millions of users from around the world.
Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch
Pi Network price forecast
The hourly chart reveals that the Pi Network price peaked at $3.01 last week as it beat other cryptocurrencies like Bitcoin and Ethereum.
It has dropped by over 40% from its highest level on record. Pi coin has formed a falling wedge chart pattern, which comprises two descending and converging trendlines. The price has moved slightly above the upper side of this pattern.
The MACD and the Relative Strength Index (RSI) have formed a bullish divergence pattern. This pullback started after it found support at the 61.8% Fibonacci Retracement level.
Therefore, the Pi Network price will likely continue rising as bulls target the all-time high at $3, which is about 70% above the current level.
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