The Pi Network has extended its KYC submission deadline from September 30 to November 30. This extension allows Pioneers more time to complete their KYC applications, which are essential for Mainnet migration. Since the announcement, the Pi Network coin has seen an increase in price.
The Pi Network extended its KYC submission deadline. Source: X
The KYC process plays a vital role in verifying the legitimacy of Pi Network users before migration to Mainnet. It ensures that each account belongs to a real individual. Users who miss the final KYC deadline will lose most of their Pi balance, retaining only what was mined in the last six months.
Despite the extension, the final deadline for completing the migration to Mainnet remains December 31. This deadline marks the official transition to the Pi Networkâs open Mainnet phase. The extension addresses issues that some Pioneers faced with KYC verification, offering additional time for compliance.
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Pi Network Forms A Bearish Pattern
Following the KYC deadline extension, the Pi coinâs price has increased a bit. For now, the PI/USDT chart reveals the price consolidating within a descending triangle pattern, a common bearish formation.Â
Pi Network chart forms a decending triangle, indicating bearish pattern. Source: TradingView
The price is currently around $32.4, near the upper boundary of the triangle. This position suggests that the market may soon see either a breakout or a continuation of the bearish trend.
The $30 support level has been tested several times, acting as a key area where buyers have stepped in. If the PI coin price breaks above the descending trendline, it could signal upward movement. Conversely, a breakdown below the $30 support could lead to a decline, with the price potentially targeting $16.5.
The Relative Strength Index (RSI), currently at 48, indicates neutral market momentum. A decisive breakout in either direction could shift the RSI into overbought or oversold territory.
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