CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
crypto.news 2025-01-31 17:24:23

Pi Network price at risk of a 32% crash as mainnet launch odds fall

The Pi Network price remained under pressure on Friday after the developers postponed the grace period for the know-your-customer verification deadline. The developers announced that the new deadline for completing the verification process will be February 28. This marks the third time the deadline has been extended. The developers noted that the extension will allow as many pioneers as possible to conduct the KYC process and migrate their tokens to the mainnet. Pioneers who do not complete the process by February 28 will only be able to migrate tokens mined in the past six months, forfeiting the rest. The developers noted that the KYC delay will not affect migration to the Open Network or the mainnet. They still expect the transition from the enclosed mainnet to the public mainnet to occur in the first quarter. You might also like: Here’s why the Pi Network price will have big moves this week However, concerns remain within the Pi community that the mainnet launch could also face delays. In December 2023, the developers stated that the mainnet would go live by the end of that year, yet it has not happened. Pi Network is a cryptocurrency project that aims to improve upon existing digital assets like Bitcoin ( BTC ). It offers an easy-to-use interface that enables users to mine Pi coins, which they will be able to convert into fiat currency after the mainnet launch. The project also hopes to gain acceptance among retailers and e-commerce platforms worldwide. Technicals point to more Pi Network price downside PI Network chart | Source: TradingView The daily chart indicates that Pi coin remains at risk of further declines. The price has fallen below the 50-day and 200-day moving averages, signaling that bears remain in control. The coin has also formed a bearish pennant pattern, a historically negative technical indicator. Additionally, Pi has dropped below a key support level at $43.21, its lowest swing point in November and December last year. It has also moved below the 78.6% Fibonacci retracement level. Given these factors, the coin is likely to continue declining, with sellers targeting last year’s low of $29.35, representing a 32% drop from current levels. A move above the key resistance at $50 would invalidate the bearish outlook. Editor’s note: The Pi coin offered by HTX and is not affiliated by the main Pi project. You might also like: Can the Dogecoin price realistically hit $1 in February?

阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约