NEW DELHI (CoinChapter.com) — The Pi Network open mainnet launch date remains unclear for now, as co-founder Dr. Nicolas Kokkalis stressed that the network needs to resolve its KYC issues. As a result, the Pi network price failed to show any signs of life since Feb 14.
Fans of the token seem to be eagerly awaiting the launch of the Pi Network open mainnet. Moreover, several Pi token holders and crypto influencers have shared their speculations regarding the launch of the open mainnet.
Kokkalis advised Pi Network users to be patient so that the firm can implement a proper KYC system. The firm had previously emphasized that improved KYC compliance was vital to ensure the “true humanness of the network.”
Moreover, Pi Network developers stated that advancements in KYC would help enhance the app’s effectiveness. In addition, the team stated that the firm has made “significant advancements” to open KYC to a larger group of users.
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Furthermore, the Pi Network KYC process might be facing some individual errors. For example, users have been selecting the wrong territory or country or uploading an ID document other than those supported on the app.
Pi Coin Price Action Remains Stagnant
Meanwhile, the Pi Network token price continues to crab as the PI/USDT trading pair dropped 1.6% on Feb 17. Additionally, the long upper wicks on the Pi Network token’s daily candles suggest bears are not allowing any up-moves.
Moreover, on the 4-hour (4H) chart, the PI coin price has been trading below a dynamic resistance zone between its 20-4H EMA (red wave) and 50-4H EMA (purple wave) trendlines since Jan 31.
Should the bearish pressure against the Pi Network token continue, PI price might drop to support near $49.9. Breaching below immediate support could see the PI coin price test support near $46 before recovering.
On the other hand, a few bullish cues from the Pi Network team could propel the PI coin price to its 50-4H resistance near $52.7. Moreover, a break and hold above immediate resistance would help the Pi network price reach $55.3 before paring gains.
The RSI for the Pi Network token remains neutral, clocking at 42.55 on the 4H chart.
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