The Pi Network price remained under pressure on Friday after the developers postponed the grace period for the know-your-customer verification deadline.
The developers announced that the new deadline for completing the verification process will be February 28. This marks the third time the deadline has been extended.
The developers noted that the extension will allow as many pioneers as possible to conduct the KYC process and migrate their tokens to the mainnet.
Pioneers who do not complete the process by February 28 will only be able to migrate tokens mined in the past six months, forfeiting the rest.
The developers noted that the KYC delay will not affect migration to the Open Network or the mainnet. They still expect the transition from the enclosed mainnet to the public mainnet to occur in the first quarter.
However, concerns remain within the Pi community that the mainnet launch could also face delays. In December 2023, the developers stated that the mainnet would go live by the end of that year, yet it has not happened.
Pi Network is a cryptocurrency project that aims to improve upon existing digital assets like Bitcoin (BTC). It offers an easy-to-use interface that enables users to mine Pi coins, which they will be able to convert into fiat currency after the mainnet launch. The project also hopes to gain acceptance among retailers and e-commerce platforms worldwide.
Technicals point to more Pi Network price downside
The daily chart indicates that Pi coin remains at risk of further declines. The price has fallen below the 50-day and 200-day moving averages, signaling that bears remain in control. The coin has also formed a bearish pennant pattern, a historically 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.
Editor’s note: The Pi coin offered by HTX and is not affiliated by the main Pi project.
