The PI network price remained under pressure on Friday after the developers postponed the Grace period for the time limit of verification-graded verification.
The developers announced that the new deadline to complete the verification process would be 28 February. This has been extended for the third time deadline.
Developers noted This detail will allow more and more forearm to conduct the KYC process and move your tokens to the mennet.
Pioneers, who do not complete this process by 28 February, will be able to migrate mined tokens in the last six months only, seizing the rest.
Developers said KYC will not affect the delay in open network or mennet. They still expect an infection from the mennet engaged in the public mannet to be held in the first quarter.
However, concerns remain within the PI community that the menst launch can also face a delay. In December 2023, developers Stated By the end of that year, the mennet will be live, yet it has not happened.
The PI Network is a cryptocurrency project aimed at improving existing digital assets such as bitcoin (BTC). This provides an easy-to-use interface that enables users to khani, which they will be able to convert to Fiat currency after launch. The project also expects to get approval between retailers and e-commerce platforms worldwide.
Technical more PI points to network value
The daily chart indicates that the PI coin is at risk of further decline. The price has fallen below the 50-day and 200-day moving average, indicating that the bears are under control. The coin has historically formed a recession pattern of negative technical indicators.
Additionally, the PI has fallen below $ 43.21 below a major support level, the lowest swing point in November and December last year. It has also gone below 78.6% Fibonacci retracement level.
Given these factors, the coin is likely to continue to fall, the vendors targeted the low of $ 29.35 last year, which represents a 32% decline from the current levels. One step above the major resistance at $ 50 will invalidate the recession attitude.
Editor’s note: Pi coin introduced by HTX and the main PI is not affiliated by the project.
