Pi Coin and the strange signs - Could the delay in KYC kill the hope of 1 dollar?

The value of Pi Network has fallen to $0.46 today. However, it is noteworthy that the trading volume has risen to the sky, reaching $87 million, over 90% higher than the previous days. The relationship between the price drop and the surge in trading volume often indicates that traders are probing the market and are not in a hurry to enter or exit.

Volume giao dịch rise to the sky

According to on-chain data, Pi Network recorded a rise to the sky of 4.2% in the past week, indicating increasing interest in the project's token. In particular, when the price of Pi surpassed the threshold of 0.48 dollars, attention seems to have returned to the network, although there has yet to be sustainable growth. However, the volume of trading has increased sharply recently, which is a clear sign that traders are actively participating in the transfer of tokens.

In the past few days, several small but notable transactions of the Pi token have attracted attention from the community, especially two transactions that precisely moved 3.14 Pi. The coincidence with the number "3.14" – a symbol associated with the project's name – has sparked much speculation. These transfers come from a single wallet named GASWBD, which has conducted transactions worth over 10 million Pi in just 6 days. This has led many to wonder whether this is a sign of a major miner, an anonymous organization, or even a member of the Pi development team behind these transactions.

The 3.14 Pi shifts not only attract attention but also mark an important moment in the journey of Pi Network, especially as the token price approaches the psychological threshold of $0.48 – a significantly meaningful price level. Some community members believe this could be an implicit message calling for unity and a return to the original identity of Pi. However, investors are not only focused on monitoring these numbers but are also looking for real signals of buying and selling pressure in the market. As of now, this trend seems to be a calculated plan rather than a panic sell-off.

In addition, rumors about the deployment of the mainnet or new trading pairs have begun to spread within the community. Those closely following Pi Network believe that the organization of these transactions is a sign that major plans are being prepared. Many hope that important information will soon be announced, possibly a new strategic partnership or a significant turning point that will help Pi Network move out of the testing phase and officially enter a phase of widespread use.

Reasons for Pi Coin's fall in price despite Bitcoin hitting a new peak

At the same time as Bitcoin set a new all-time high (ATH) above $118,000 and altcoins like Ethereum and Solana also reached new highs, the price of Pi Coin continues to fall sharply. At the time of writing, the price of Pi is at $0.46, only rising 0.1% in the past 24 hours but declining more than 14% in the month.

So why is Pi Coin falling in price while the rest of the crypto market is experiencing a strong rise? Here are 3 potential reasons:

Regarding the reasons for the delays in the approval of KYC, transfers, and referral rewards, Dr. Altcoin, a renowned analyst, stated:

"Although Pi Network has completed most of the preparatory work – the fact that it took more than 6 years to reach this level is a long story – the project is still not mature enough to fully support the functions of DApp. Moreover, Pi is still in the phase of exploring value.

The Pi Core Team (PCT) understands that the true utility of a P2P network will only emerge when the value of Pi reaches at least 10 USD, enough to fully harness the potential of the Pi user community. The Pi community has witnessed the price of Pi fluctuate significantly, from 3 USD down to 0.4 USD, and it is undeniable that the amount of Pi accumulated is still holding real value.

The PCT group is well aware that many people in the community are still holding Pi due to pending KYC approvals, the migration process, and promises of rewards from referrals or validations. If all Pi coins were released immediately, most people would likely rush to sell off and abandon the project. Therefore, there is a deliberate delay – to wait for the network to mature and for the value to stabilize above 10 USD.

In addition, the PCT group has not fully revealed its tokenomics strategy. In my opinion, locking up a long-term or even burning a significant portion of the Pi held could still be an option to push the value of Pi higher. In fact, many successful crypto projects in the past have adopted similar strategies.

For myself, I have decided to play the long game with Pi, and I believe that this long-term strategy will lead me to financial freedom – thanks to Pi.

The three factors mentioned above are combining to create strong selling pressure, overshadowing any short-term recovery. Market sentiment has become cautious and worried, as there is not enough momentum to create a strong reversal in the value of Pi Coin.

Technical Analysis – The downtrend continues

The chart from TradingView currently shows a clear downward trend, with the current price of Pi Coin fluctuating around $0.46. Let's go through the important technical indicators:

The strong support zone of Pi Coin currently lies between $0.44 - $0.38. These are important price levels that, if broken, the price could continue to plummet to lower levels.

Meanwhile, at the current price, the important resistance areas are in the range of 0.5-0.57 dollars. If the price can break through this resistance zone with strong trading volume, it could be a positive signal for price recovery.

Price analysis of PI | Source: TradingView## Price prediction for Pi Coin

If the current weakness continues, the price of Pi could plummet to 0.38 USD, even as low as 0.28 USD. However, if the KYC issue is resolved, the price of Pi has the potential to recover and could rise to between 0.75 USD and 1 USD.

Some analysts remain cautious yet optimistic about the long-term prospects of Pi. Tom Tucker, a well-known chart analyst, stated that the current market is showing two positive reversal signs, signaling a strong recovery:

Tucker shares:

"If the price of Pi surpasses 1 USD with large trading volume, the next target could be 1.66 USD or higher."

Although these are still just predictions, his technical analysis is quite reasonable regarding the question that the community is concerned about: Can Pi reach 1 USD? This may only happen when the Pi ecosystem reaches sufficient maturity, along with an increase in demand after unlocking.

Although the cryptocurrency market is in a booming phase, the downtrend of Pi Coin shows no signs of slowing down. Pi not only needs "hype" but also requires practical application, transparency, and timely deployment. Until these factors are met, the downtrend may continue.

Lilly