Pi Network Price at Risk of a 32% Crash as Mainnet Launch Odds Fall

The Pi Network price continues to face downward pressure as uncertainty surrounding the project’s mainnet launch grows. On Friday, the Pi Core Team announced another extension to the grace period for the Know-Your-Customer (KYC) verification deadline, further fueling concerns among investors and community members. The new deadline for completing the KYC process has been pushed to February 28, marking the third time the deadline has been extended. While the developers emphasize that this extension is intended to allow more Pioneers to complete the verification process and migrate their tokens to the mainnet, the repeated delays have raised questions about the project’s timeline and credibility.

The Pi Core Team stated that the latest extension aims to ensure that as many Pioneers as possible can complete the KYC process and migrate their Pi tokens to the mainnet. However, there are significant consequences for those who fail to meet the new deadline. Pioneers who do not complete the KYC verification by February 28 will only be able to migrate tokens mined in the past six months, forfeiting the rest of their balance. This policy is designed to incentivize users to complete the process promptly while maintaining the integrity of the network.

Despite the KYC delay, the developers have assured the community that the transition to the Open Network and the mainnet launch remain on track for the first quarter of 2025. However, skepticism persists within the Pi community, particularly given the project’s history of missed deadlines. In December 2023, the developers had initially promised that the mainnet would go live by the end of that year, but the launch has yet to materialize. This pattern of delays has led to growing concerns that the mainnet launch could face further setbacks.

Pi Network is a cryptocurrency project that aims to address some of the limitations of existing digital assets like Bitcoin. It offers an accessible and user-friendly interface that allows individuals to mine Pi coins using their mobile devices. Once the mainnet is launched, users will be able to convert their Pi coins into fiat currency, making the project more practical for everyday use. Additionally, Pi Network aspires to gain widespread acceptance among retailers and e-commerce platforms, positioning itself as a viable payment solution on a global scale.

However, the project’s progress has been marred by delays and technical challenges. The repeated extensions of the KYC deadline, coupled with the uncertainty surrounding the mainnet launch, have eroded confidence among some community members. While the developers remain optimistic about the project’s future, the lack of a clear and reliable timeline has left many wondering whether Pi Network can deliver on its promises.

From a technical perspective, the Pi Network price is showing signs of weakness, with the potential for further declines in the near term. On the daily chart, the price has fallen below both the 50-day and 200-day moving averages, indicating that bearish momentum is in control. Additionally, the formation of a bearish pennant pattern—a historically negative technical indicator—suggests that the price could continue to trend downward.

The Pi coin has also broken below a key support level at 43.21, which was the lowest swing point in November and December of last year. Furthermore, the price has dropped below the 78.6% level at 29.35, representing a 32% drop from current levels. On the other hand, a move above the key resistance level at $50 would invalidate the bearish scenario and potentially signal a reversal in momentum.

The Pi Network price remains under significant pressure as the project faces ongoing challenges related to its KYC verification process and mainnet launch. While the developers have extended the KYC deadline to February 28 to accommodate more users, the repeated delays have raised concerns about the project’s ability to meet its goals. Technical indicators suggest that the Pi coin is at risk of further declines, with the potential for a 32% drop if bearish momentum continues.

For the Pi Network to regain confidence and stabilize its price, the project will need to demonstrate tangible progress toward its mainnet launch and deliver on its promises. Until then, investors and community members are likely to remain cautious, keeping a close eye on developments and technical levels to gauge the project’s future trajectory.