Here’s why the Pi Network price is in recovery mode

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered multiple market cycles, I’ve learned to keep a keen eye on emerging projects like Pi Network (PI). The recent surge in PI’s price, fueled by anticipation of its mainnet launch and the ongoing crypto bull run, is nothing short of intriguing.

The cost of Pi Network increased as anticipation grew for its mainnet release, fueled by optimistic reactions within the cryptocurrency sector.

Author’s note: This Pi Network coin is only offered by HTX and is not associated with the real Pi project.

On Monday, the Pi Network’s PI token experienced a significant jump, reaching around $60, marking a 25% increase from its recent weekly low and a whopping 101% rise compared to its lowest point from the previous year.

During this period, the rally took place concurrently with the persistent crypto market surge. For the first time in history, Bitcoin‘s (BTC) price broke through the significant barrier at $82,000. Additionally, other cryptocurrencies such as Ethereum (ETH) and Cardano (ADA) also maintained their robust pace.

The momentum of Pi Network is growing as the chances of its mainnet launch and token generation event increase. One requirement for the launch is a conducive atmosphere, which is being fostered by the current cryptocurrency market uptrend.

Additionally, the latest presidential election of Donald Trump in the U.S. has alleviated some regulatory hurdles within the given sector.

Pi Network is ensuring they meet two additional launch requirements by moving forward with the customer identification process, which has a deadline of November 30th. After this date, those who haven’t provided their information will no longer hold their coins.

Only a month remains before the final Pi reminder is locked down. Make sure you complete your KYC application submission for the initial Grace Period deadline by November 30, 2024!

— Pi Network (@PiCoreTeam) October 31, 2024

To ensure a successful mainnet launch, it’s essential that the ecosystem supports at least 100 businesses that accept Pi Coin. To foster this growth, Pi Network organized PiFest, an event where users demonstrated merchants who accepted the digital token.

Currently, it seems that some tap-to-earn tokens are following a similar trend to other coins, as they begin to decrease in value. For instance, Citizen has seen a 62% increase from its lowest point this month. Similarly, Notcoin and Hamster Kombat have experienced double-digit growth.

Pi Network price has rebounded

On a day-to-day basis, it’s clear that the value of Pi Network tokens climbed back from approximately $30.1 in October and reached an all-time high of $100 on October 26th. This surge was sparked by growing anticipation for the launch of The Open Network, also known as the mainnet.

After hitting a low of $48.10 on November 2nd, Pi has since bounced back and is currently in a recovery phase. The digital currency continues to hover above its 50-day and 25-day moving averages, while the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both trending upward.

Consequently, it’s possible that Pi Coin will keep climbing, as investors aim for a significant resistance point around $100. This jump would amount to roughly 71% more than its present value. This potential surge might align with the approaching launch of the mainnet.

If the token drops beneath the crucial support point at $48.10 (its lowest value this month), it could indicate a change in the positive forecast.

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2024-11-11 16:59