As a researcher with over a decade of experience in the cryptocurrency market, I must admit that the Pi Network IoU token’s recent surge has piqued my interest. Having closely observed the ebb and flow of countless altcoins, I can confidently say that the Pi Coin rebound, in sync with other cryptos, is a positive sign for the market.
The Pi Network’s IOU token is operating smoothly, with the likelihood of a mainnet launch growing and many alternative coins experiencing a rebound.
On Monday, October 7th, the scarcely-exchanged digital currency known as Pi Coin (PI) reached an all-time high of $46.93 since July, marking a 60% increase from its lowest price point this year.
Pi Coin token rebound continues
The rebound of this cryptocurrency coincided with other digital currencies that have regained their footing. Bitcoin‘s price reached $63,000, while meme coins like Mog Coin and Dogwifhat increased by more than 10%.
Additionally, there is growing optimism that the Pi Network’s development team plans to release the main network during the first quarter of the coming year.
They extended the timeline for KYC verification within the app for pioneer users back in September. This extended deadline for the grace period concludes on December 31 of this very year.
Performing the Know Your Customer (KYC) check is crucial for Pi Network’s transition from its initial, confined mainnet to the ultimate one. The Open Network will empower pioneers to swap their Pi tokens for real-world currencies and give non-pioneers access to engage with the network’s ecosystem.
Concurrently, our team is establishing partnerships with various crypto firms and businesses from different industries prior to our upcoming launch. These collaborations offer these companies an opportunity to reach our extensive network of more than 60 million members.
Moreover, the development team is actively expanding the scope of their international ambassador initiative in preparation for the upcoming platform launch.
Option A: Interested in broadening your influence while helping Pi grow towards its Open Network? Consider joining our global Pi Influencer Program. If you’re an enthusiastic individual eager to increase your impact and expand your sphere of influence, visit the Pi mining app for more details.
— Pi Network (@PiCoreTeam) October 4, 2024
In order to ensure a successful mainnet debut, the development team aims to foster a vibrant community of applications that can provide practical uses for the token. The mainnet will be introduced into the marketplace once the broader cryptocurrency sector shows signs of robust growth and stability.
Pi Network IoU rises to a key resistance
The Pi Network Independent Operating Unit (IoU) is a cryptocurrency introduced in 2022, but later distanced from by its original creators. Despite this, it’s frequently regarded as a significant gauge of how the token will perform at the time of mainnet launch. However, it has some limitations, such as low trading volume and limited availability on certain exchanges.
On a daily basis, the token displayed a double-bottom formation around $29.34. Typically, a double bottom is an optimistic indicator within the market. Currently, it has climbed up to roughly $47, which marks the trend line from this pattern.
Additionally, it appears that Pi Network has climbed above its 50-day moving average, suggesting potential growth in the short term. If this trend continues, significant milestones to monitor would be around $50 and then $61.8, which was Pi Network’s peak level reached back in August 2023.
A significant danger for Pi Coin lies in the fact that many tapping-to-earn tokens, like Hamster Kombat, Notcoin, and DOGS, have dropped sharply following their initial release.
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2024-10-07 17:26