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Pi network: empty promises and a fading rally—is this the beginning of the end? Read CoinChapter.com on Google News

LUCKNOW (CoinChapter.com)—Pi Network, a project that has long kept the crypto community in suspense, continues its enigmatic streak. The platform’s recent communications offer more questions than answers.

Despite the mounting anticipation for key updates, the official channels remain conspicuously silent on several critical issues. The network’s enigmatic nature has become its defining feature, testing the patience of even the most dedicated pioneers.

The silence from the Pi Core Team, especially on crucial aspects like the actual Mainnet launch and full KYC implementation, is both frustrating and puzzling. While they occasionally drip-feed information, the lack of transparency raises concerns about the project’s direction.

Team Shares Update on Grace Period

Two recent tweets attempt to illuminate the ongoing KYC process and Grace Period, yet they leave much to be desired. The first tweet, from a Pi Network-themed handle unaffiliated with the official team, mentions a new feature allowing minors to pause their KYC timer by entering their date of birth.

Tweet about minors’ grace period.

While this appears to be a thoughtful inclusion, it begs the question: Why was this feature not communicated more clearly or earlier by the official channels? Relying on an unofficial source to disseminate information only adds to the confusion and undermines the credibility of the project.

Moreover, the announcement remains a claim by an individual with little to no ties to the Pi Network core team. As such, the announcement has as much substance as the rumors of Elvis still being alive.

The second tweet, coming from the official Pi Network handle, attempts to emphasize the importance of the Grace Period for KYC and Mainnet migration. The team informed users that their individual KYC and migration deadlines will now be visible in-app, particularly during mining and on the home screen.

Pi Network’s tweet about the grace period.

However, the message falls short of addressing the core concerns of the community. The tweet vaguely mentions the deadline of Sept. 30, 2024, without providing any real clarity on what happens after this date or the actual status of the Mainnet.

It’s another example of Pi Network offering just enough information to keep the community engaged while withholding the critical details that would provide true transparency.

Mini Rally For PI Coin IOU

The PI USD pair has been painting a minuscule rally since Aug .14. On Aug. 13, the PI coin IOU (disowned by the Pi Network team) price plummeted nearly 16% to a daily low near $30 before recovering. However, it seems the weak rally is destined to end on Aug. 16 as the token is finding it difficult to stay in the green.

PIUSD daily price chart with MACD. Source: Tradingview

Even other trading pairs, like the PI-INR pair, have flatlined. In reality, while the masses fantasize about Pi’s meteoric rise, its price action continues to be about as exciting as watching paint dry.

The support near $31.2 remains key. However, failure of the immediate support could bring the support near $28.7 into action. On the other hand, in the unlikely event of an uptrend, PI coin price might face resistance near $35.3 and $38.6 price levels.

The MACD line (difference of 12-day and 26-day EMA) crossing below the signal line (9-day EMA of MACD line) usually signals a bearish trend, and that’s evident with PI Coin’s recent performance. However, the declining red histogram bars, which represent the difference between these two lines, show that the bearish momentum is fading.

The weakening suggests that the selling pressure is losing steam. If the MACD line crosses back above the signal line, it could indicate a potential bullish reversal, but for now, the focus remains on whether the momentum continues to decrease.

The post Pi Network Shares Update About Grace Period, Mainnet Launch Date Still Missing appeared first on CoinChapter.