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Pi Network price has surged in the past few days. This made it one of the best-performing tokens in the crypto industry.
It has risen for seven consecutive days and reached its highest point since September. So, will it jump to $1 as it joins ISO 20022 alongside Ripple and Stellar?
Pi Network Price Rises Amid ISO 20022 Rumours
Pi Coin price has rebounded this month. A rumour suggests it may have joined the ISO 20022 messaging standard. This would align it with major crypto players like Stellar and Ripple.
ISO 20022 is a global standard for the electronic exchange of data between financial institutions. It is an international standard that standardises how financial institutions communicate about their payments and foreign exchange transactions.
This move is crucial for Pi Network’s future in the global financial sector. It could boost the Pi Network price by enabling integration with top financial industry players.
This news report originated from CoinTelegraph, and the PI Core Team has not commented on it. As such, there is a risk that it is not accurate.
Pi Coin Price Jumps as KYC Process Escalates
Pi Coin price has jumped as the developers have accelerated the Know Your Customer (KYC) process. The developers stated on Wednesday. They revealed that a new process has unblocked 3 million pioneers with pending KYC cases.
This means that these pioneers can apply to complete the process by completing additional liveness checks. The announcement followed an earlier update from the developers.
They had reported that 3.36 million pioneers completed KYC. This progress was made possible by the newly launched system. Pi Network price has increased since the announcement.
Pi Network Price Has Numerous Risks Ahead
Still, there is a risk that the ongoing Pi coin price may be a bull trap or a dead-cat bounce. One risk is that some analysts have warned that the Pi Network price is going through market manipulation.
Dr. Altcoin, a popular analyst, noted that he spotted suspicious transactions on popular exchanges like Gate and OKX. Pi Network has a history of market manipulation.
One notable instance occurred in May of this year. At that time, the developers engineered a rally by promising major news about the ecosystem. It plunged shortly after the news and hit a record low.
Pi has more risks that may drag it lower in the near term. One of the key characteristics is that it is a highly centralized cryptocurrency. With this, the Pi Foundation holding over 90 billion coins.
The other significant risk is that Pi Network is highly inflationary because of its token unlocks. Data shows that over 120 million tokens will be unlocked in November and another 172 million in December. Over 1.27 billion tokens will be unlocked in the next 12 months.
Pi Coin price also faces the risk of a lack of transparency and an unclear roadmap. All these have prevented the token from being listed by top crypto exchanges.
Pi Network Value Technical Analysis
Technicals have also contributed to the ongoing Pi Network price surge. The daily chart indicates that the token formed a giant falling wedge pattern before the ongoing rebound.
A wedge pattern is made up of two descending and converging trendlines. The upper side of this pattern began in May and has since tested the highest swings.
On the other hand, the lower line links the lowest swings since June. The rebound happened as the two lines neared their confluence.
Additionally, this occurred as the top oscillators, such as the RSI and the MACD, formed a bullish divergence pattern.
Therefore, the most likely outlook is for the Pi Coin price to rise to the psychological point of $0.50. This target is about 77% above the current level.
A move to $1, however, will be improbable unless there is a significant catalyst. It needs to increase by 257% from its current level to reach that target.
