NOIDA (CoinChapter.com)—As the Pi Network’s KYC grace period approaches its critical deadline, users are urged to submit their KYC applications by Sept. 30, 2024, to avoid losing most of their mined Pi. While over two million users have completed the process, many remain stuck due to system blocks or technical issues.
With no official extension announced yet, the Pi Network users must also prepare for the Dec. 31 Mainnet migration deadline to safeguard their token holdings and continue participating in the Pi ecosystem.
Meanwhile, the still imaginary Pi coin’s price has formed a bullish technical pattern, which could excite PI coin users about the mainnet launch, which is supposedly coming soon.
The Imaginary Token Forms A Bullish Pattern
The PI USDT IOU pair has formed a bullish technical setup called the ‘falling wedge.’
Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal. The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.
The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.
According to technical analysis rules, the PI USDT IOU conversion rate might rally over 36% from its current level to reach the pattern’s projected target of nearly $43.3.
PI Coin IOU Price Remains Stagnant
For the better part of Sept. 2024, the Pi Network token’s IOU price has been moving laterally between $30 and $34.
However, if the token starts a rally upward, the Pi Network coin price might rise to the resistance near $33.3. Breaking and consolidating above the immediate resistance might help PI coin price target the resistance near $35.
On the other hand, a drop in prices would stress the PI coin support level near $31. Failure of the immediate support level would see the Pi Network token crash to the support level near $29.7 before recovering.
The RSI for PI coin remained neutral, with a score of 44.17 on the daily charts.