Pi Network price at risk of a 32% crash as mainnet launch odds fall

Pi Network Price Faces Pressure Amid Deadline Extension

The Pi Network price remains depressed following the recent extension of the deadline for know-your-customer (KYC) verification.

Deadline Extended to February 28th

The developers announced the new deadline for verification as February 28th, marking the third extension. This extension aims to provide ample time for pioneers to complete the KYC process and migrate their tokens to the mainnet.

Failure to Meet Deadline

Pioneers who fail to complete the verification process by February 28th will only be able to migrate tokens mined within the past six months, forfeiting the remainder.

No Impact on Mainnet Migration

Despite the KYC deadline extension, the migration to the Open Network and mainnet will not be affected. The transition from the enclosed mainnet to the public mainnet is still expected to occur in the first quarter.

Community Concerns

However, some members of the Pi community have expressed concerns that the mainnet launch could also face delays. In December 2023, the developers indicated that the mainnet would go live by the end of the year, but this has not yet materialized.

Pi Network Overview

Pi Network is a cryptocurrency project that aims to improve upon existing digital assets like Bitcoin. It features a user-friendly interface that allows users to mine Pi coins, which can be converted into fiat currency upon the mainnet launch. The project also seeks to gain acceptance among retailers and e-commerce platforms worldwide.

Technical Analysis

Technical indicators suggest a potential downward trend for Pi Network.

• The daily chart shows that Pi coin has fallen below both the 50-day and 200-day moving averages, indicating bear dominance.
• A bearish pennant pattern has formed, historically a negative technical signal.
• Pi has dropped below a crucial support level of $43.21 and the 78.6% Fibonacci retracement level.

Therefore, Pi coin is expected to continue declining, with a target of $29.35 (representing a 32% decrease). A move above $50 would invalidate this bearish outlook.

Disclaimer

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