Key Takeaways:
- Pi coin price could drop to zero.
- On-chain metrics show low development activity.
- KYC delays continue, while the Mainnet is no closer to launch than in Q1, 2023.
YEREVAN (CoinChapter.com) — Pi Network’s native coin traded at $36 on November 8 after flatlining for four days. However, PI bears might be at the wheel, as the coin risks a drop to zero based on a technical setup and several on-chain and fundamental factors.
PI in a symmetrical triangle
In detail, PI/USD price action charted within a setup named the “symmetrical triangle” since mid-August. The formation features two converging trendlines with a similar slope. They restrict the price action through consecutive support and resistance retests and lower the price swing until the asset exhausts the formation by breaking in either direction.
Notably, while the triangle does not predict a breakout bias, it does estimate the move to equal the maximal triangle height. The coin has not confirmed the formation yet. But if it does, the target price for Pi would be at approximately $73, double the current value, or at practically Zero — an over 99% drop.
Bears could take a bigger piece of the “Pi”
Meanwhile, here are several factors that back the bearish prognoses. For example, the coin once again retested its 200-day exponential moving average (200-day EMA; blue line) as resistance, unable to break above with confidence since mid-September.
Additionally, the development activity on the Network has been low since late May. Generally, active development on a Network could increase user trust and, therefore, interest and coin price. Low development speaks the opposite. Also, according to on-chain data provider Santiment, the developer count only variated between one and two since June 2023.
“Why slow KYC?” users ask
As CoinChapter reported in the previous Pi review, users continue to complain about the delays in getting their KYC approvals. One user noted that the document he used in his KYC application expired while he continued to wait for approval.
A Pi Coin fan on X, Edycabas, commented that “millions have left the project” because of KYC delays. However, Edycabas told his nearly 15,000 followers that it was unwise to leave the project “at any point. “
The Project recently tweeted its revised Roadmap, and the overwhelming majority of the comments still referred to the KYC delays. “Pioneers need KYC issues to be fixed and wallet creation to begin. It’s been years waiting for KYC and mainnet migration,” said one of them.
Moreover, the mentioned Roadmap suggested that Pi is right on the doorstep of its Mainnet Launch. However, the Network has been teasing its users with the event since March 14, 2023, so-called “Pi day” (3.14). However, no Mainnet Launch arrived, and “Pioneers” started to lose confidence.
