Pi Network Price Under Pressure as KYC Deadline Extended

The Pi Network price remains under pressure after the developers extended the deadline for completing the know-your-customer (KYC) verification process for the third time. The new deadline is set for February 28, allowing pioneers to conduct the necessary verification and migrate their tokens to the mainnet.

Impact of KYC Extension on Pioneers

Pioneers who fail to complete the KYC process by the extended deadline will only be able to migrate tokens mined in the past six months, resulting in the forfeiture of the remaining tokens. However, the developers have assured that the KYC delay will not affect migration to the Open Network or the mainnet, with the transition from the enclosed mainnet to the public mainnet still expected to occur in the first quarter.

Concerns Over Mainnet Launch Delay

Despite the developers’ reassurances, concerns persist within the Pi community that the mainnet launch may also face delays. Initially, the mainnet was expected to go live by the end of 2023, but this has yet to happen.

About Pi Network

Pi Network is a cryptocurrency project aiming to improve upon existing digital assets like Bitcoin. It offers an easy-to-use interface that enables users to mine Pi coins, which can be converted into fiat currency after the mainnet launch. The project also seeks to gain acceptance among retailers and e-commerce platforms worldwide.

Technical Analysis: Pi Network Price at Risk of Further Declines

Technical indicators suggest that the Pi Network price may continue to decline. The price has fallen below the 50-day and 200-day moving averages, indicating that bears are in control. A bearish pennant pattern has also formed, historically a negative technical indicator.

Additionally, Pi has dropped below a key support level at $43.21, its lowest swing point in November and December last year. It has also moved below the 78.6% Fibonacci retracement level. Given these factors, the coin is likely to continue declining, with sellers targeting last year’s low of $29.35, representing a 32% drop from current levels.

A move above the key resistance at $50 would invalidate the bearish outlook. To stay up-to-date with the latest cryptocurrency news and trends, visit Global Crypto News.

“The Pi coin offered by HTX is not affiliated with the main Pi project.”

Tips for Cryptocurrency Investors:

  • Stay informed about market trends and technical analysis to make informed investment decisions.
  • Diversify your portfolio to minimize risk.
  • Keep an eye on key support and resistance levels to anticipate potential price movements.
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