The Pi Network announced the extension of the KYC verification deadline to February 28, 2024, causing concern among its users.
New Verification Deadline
Pi Network developers have announced that the new deadline for KYC verification completion has been set for February 28, 2024. This marks the third extension, which should allow a greater number of users to complete the verification process and migrate their tokens to the mainnet.
Technical Analysis
The daily chart indicates that the Pi Coin price is at risk of further declines. The coin has dipped below the 50-day and 200-day moving averages, signaling bearish control. It has also formed a bearish pennant pattern, a historically negative technical indicator. Pi has also fallen beneath the key support level of $43.21.
Community Concerns
Concerns remain within Pi Network's community that the mainnet launch could also face delays. In December 2023, developers stated plans for the open network transition by the year's end, yet this has not occurred.
The extension of the KYC verification deadline indicates Pi Network's intention to allow more time for users to transition to the mainnet. However, the community continues to express concerns over potential delays.
