Pi Network price IoU may soon experience a bounce back

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As a seasoned researcher with a knack for deciphering cryptocurrency trends, I find myself intrigued by the Pi Network’s recent performance and upcoming mainnet launch. Having closely followed the crypto market since the advent of Bitcoin, I must admit that the Pi Network’s journey reminds me of the early days of other projects – a blend of excitement, uncertainty, and a pinch of skepticism.

As a crypto investor, I’ve noticed that the value of my Pi Network IOU tokens has remained relatively stable over the past few days, perhaps due to the ongoing Pi Fest or the anticipation surrounding the mainnet launch.

On November 5th, the value of Pi Coin (PI) peaked at $52.18, marking its highest point since October 5th. This represents a significant increase of more than 78% compared to its lowest price this year.

The spike occurred following the conclusion of the PiFest on November 5th, an event that provides users with an opportunity to demonstrate the local commerce functionality of Pi through pictures of local businesses accepting Pi Network. They share these images on social media platforms and the Fireside Forum.

As a researcher, I’m thrilled to be part of the buzz surrounding PiFest 2024! This exciting event is taking place from October 29th to November 5th. Pioneers and entrepreneurs, let’s keep supporting Pi and enhancing its role in local commerce by making transactions throughout these days. For more details, kindly refer to the provided guidelines.

— Pi Network (@PiCoreTeam) November 1, 2024

It’s possible that the value of Pi Network tokens could recover within the next few months, given that developers are focusing on preparing for the mainnet release.

The developers anticipate transitioning from the test network (mainnet) to the actual one, where users can exchange their coins for real-world currencies. They remain adamant that the mainnet launch is set for this year. As the end of the year approaches, it’s likely that the launch will take place by the end of this month or in November.

According to Pi developers, they plan to transition from the closed mainnet to the full mainnet only when three conditions are met. Initially, they aim to make sure that the majority of pioneers have finished their Know Your Customer (KYC) verification process. Furthermore, they aspire to see at least one hundred applications within the ecosystem that are ready for the mainnet.

Furthermore, they anticipate that the market environment will favor their coin. Typically, developers tend to release airdrops during times when other cryptocurrencies are experiencing growth.

Pi Network has strong technicals

Another explanation for a potential increase in Pi Coin’s price could be due to its robust technical indicators. As you can see on the chart provided, it has breached the crucial resistance level at $49.80, marking its highest peak in July, and also moved above the upper boundary of the cup and handle pattern.

As a researcher, I’ve observed an interesting development with Pi Coin. It has surpassed both its 50-day and 200-day moving averages, indicating that for the moment, the bulls are in command. Additionally, Pi Coin has breached the significant support/resistance level established by the Murrey Math Lines’ pivot point, suggesting a potential positive momentum in its price movement.

As a researcher studying the Pi Network, I am increasingly optimistic about the upcoming mainnet launch and its potential impact on the value of Pi (IoU). Based on my analysis, there’s a growing probability that the price could surge, possibly reaching the significant pivot reversal level of approximately $62.5.

The Pi Network token is not affiliated with the real Pi project.

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2024-11-05 16:46