Pi Network IOU Price Survives 45% Drop Scare, Team Launches App Incubator

Pi Network IOU Price Survives 45% Drop Scare, Team Launches App IncubatorThe mobile-based mining platform Pi Network is currently in the last month of its KYC grace period. The team introduced a six-month grace period to facilitate KYC and mainnet migration after failing to meet its June mainnet launch deadline.

While the mainnet launch remains a distant dream, the Pi Network team continues to launch new programs and initiatives. It is commendable, but users would likely prefer better transparency and more frequent updates from the core team.

App Incubator and KYC Deadline Concerns

Pi Network has launched its App Incubator program, a 12-week initiative that claims to help developers improve app design, functionality, and user experience.

The first cohort included five teams—Connect Social, Piketplace, The PiToGo, Pailot, and World of Pi Championships—all refining their applications in preparation for Pi Network’s Open Network phase. The program involved mentorship from the Pi Core Team and financial stipends to aid in development.

*Tweet about Pi Network’s announcement about the app incubator program.*While the incubator facilitated progress in the app eco, Pi Network faces a more immediate issue with the looming KYC and Mainnet migration deadlines. The Sept. 30, 2024, deadline for submitting KYC applications is approaching, and many users have yet to complete this process.

The lack of updates regarding the KYC progress could raise concerns, as Pi Network will not approve applications with incomplete KYCs. Moreover, users who fail to migrate by the final Dec. 31, 2024, deadline may risk losing the Pi they’ve mined outside a rolling six-month

Without ensuring a smooth migration for its users, the network risks facing challenges related to user retention and overall adoption.

PI Coin IOU Survives Another Bearish Breakout

Meanwhile, the still-to-launch PI coin’s IOU price has been moving inside a bearish setup called the ‘descending triangle.‘

However, on Sept. 13, the token broke below the pattern’s support trendline before bulls managed to push the PI USDT pair (IOU) back inside the pattern. Without any tangible bullish cues, the bulls’ recovering PI coin price’s lost ground was quite impressive.

PIUSDT pair formed a bearish setup with a 49% downside target. Source: TradingviewAnalysts identify the descending triangle as a bearish continuation pattern. The pattern consists of a declining upper trendline compressing the asset’s price action into progressively lower highs and a flat lower trendline providing temporary but weakening support.

This structure signals increasing selling pressure, with each rally failing to overcome resistance levels.

In this setup, traders calculate the potential downside by measuring the triangle’s height at its widest point. Recently, Pi Network token’s price briefly broke out of a descending triangle before bulls forced it back inside, highlighting the market’s indecision.

If the PI USDT pair confirms this bearish pattern, the PI coin price could sharply decline by nearly 49%, with a potential target of around $16.5.

A decisive break below the lower trendline in the current market environment could accelerate PI coin IOU’s losses, amplifying concerns amidst already uncertain market sentiment.