Pi Network’s Latest Update Is About Another Delay: Will They Ever Reach the Mainnet?
NOIDA (CoinChapter.com)— The Pi Network finally broke its silence streak recently, but they returned with another delay instead of delivering much-anticipated progress updates. The team extended the first deadline of the Grace Period for KYC submissions, initially set for Sept. 30, 2024, to Nov. 30, 2024.
While this offers some relief to those still scrambling with verification, it is not exactly the update the Pi community had hoped for. With a history of postponements haunting the project, it’s hard not to see this as another in a series of delays.
Despite the newly extended KYC deadline, the final migration deadline remains Dec. 31, 2024. However, whether the project can meet its ultimate goal of transitioning to the open mainnet by then remains an open question.
Everything Needs to Go Perfectly—So, Naturally, It Will
Pi Network’s core team is steadfast in their belief that the migration to the mainnet will wrap up by the Dec. 31, 2024 deadline. Of course, this relies on the small matter of everything going perfectly—because nothing ever goes wrong in the world of technology, right?
Over the past few months, Pi Network has enthusiastically shared updates about its technical advancements.
Pi Network extended its KYC deadline.
They claim the migration process has been optimized and faster than ever, but the real test will come when they have to process millions more users within just a few months. Pi’s team has managed to migrate 6 million users to the mainnet so far (per the last official update), leaving 4 million to go.
But sure, this will all happen smoothly as long as no unexpected issues arise. Oh, and it would be wise not to forget the other 2 million or so users who still need to complete their KYC.
While they speak confidently, users might wonder: Will everyone suddenly become super proactive, and technical hiccups cease to exist just in time for the holiday season? Let’s say it would take almost a miracle for the project to hit every mark on the dotted line by year’s end.
After all, history is the best teacher, and Pi Network’s calendar seems to have quite a few “delayed” stamps. Buona Fortuna to the Pi Network team.
PI Coin Price Fails To Move Above EMA Resistance
The PI USDT (IOU) pair price failed to move above the yet-to-launch-but-still-trading token’s 50-day EMA (purple) trendline. As a result, the Pi Network token’s price dropped nearly 3% to reach a daily low near $32.9 on Sept. 26.
PIUSDT daily price chart with RSI. Source: Tradingview
If the Pi coin price continues to drop, the token might end up testing the support level near $32.7. Failure of the immediate support level could force the PI USDT (IOU) pair to fall to the support level near $31 before recovering.
On the other hand, a recovery from here might see the Pi Network token’s price face resistance near $35 and $37.
The RSI for PI coin remained neutral, with a score of 52.22 on the daily charts.
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