Pi Network IOU Price Survives 45% Drop Scare, Team Launches App Incubator

The mobile mining platform Pi Network is nearing the end of its KYC grace period, which was established to support users through the KYC process and facilitate mainnet migration after missing the June launch deadline.

While the mainnet launch remains uncertain, the Pi Network team continues to roll out new initiatives, which is a positive sign. However, many users are calling for greater transparency and more regular updates from the core team.

One notable initiative is the App Incubator program, a 12-week effort designed to assist developers in enhancing their app design, functionality, and user experience. The first cohort features five teams—Connect Social, Piketplace, The PiToGo, Pailot, and World of Pi Championships—each working to refine their applications in anticipation of the Pi Network’s Open Network phase. This program includes mentorship from the Pi Core Team and financial support to bolster development efforts.

While the App Incubator has made strides in enhancing the app ecosystem, Pi Network now faces a pressing challenge with the impending KYC and mainnet migration deadlines. The September 30, 2024, deadline for KYC submissions is fast approaching, and many users have yet to complete the necessary steps.

The lack of updates on KYC progress raises concerns, especially since the network will not approve applications with incomplete verifications. Additionally, users who do not migrate by the final deadline of December 31, 2024, risk losing the Pi they’ve mined outside a rolling six-month window. Ensuring a smooth migration is crucial for maintaining user retention and promoting overall adoption of the network.

In the meantime, the PI coin’s IOU price has been navigating a bearish trend characterized by a “descending triangle.” On September 13, the token dipped below the support trendline, but bulls managed to push the PI USDT pair (IOU) back into the pattern. Despite the lack of strong bullish signals, the recovery in the PI coin’s price has been notable, showcasing some resilience in the face of ongoing market challenges.

Analysts have recognized the descending triangle as a bearish continuation pattern, characterized by a declining upper trendline that compresses the asset’s price action into lower highs, alongside a flat lower trendline that provides temporary but diminishing support.

This formation indicates growing selling pressure, as each upward movement fails to breach resistance levels.

Traders often gauge potential downside by measuring the triangle’s height at its widest point. Recently, the Pi Network token briefly broke out of the descending triangle but was quickly pushed back inside by bulls, underscoring the market’s indecision.

If the PI USDT pair confirms this bearish setup, the price could plummet by nearly 49%, targeting around $16.5. A decisive break below the lower trendline in the current market context could exacerbate losses for the PI coin IOU, heightening concerns amid already shaky market sentiment.