As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have witnessed countless bull runs and corrections. The recent price movement of Pi Network’s IOU token has sparked my curiosity, especially considering its potential to reach $100 before the mainnet launch.
After a general surge in the cryptocurrency market, Pi Network’s price has adjusted slightly. As Bitcoin approaches the notable threshold of $100,000, enthusiasm for alternative coins like Pi Coin is increasing.
As a crypto investor, I’m pondering if the price of Pi Coin could potentially reach $100 in anticipation of its mainnet launch. Yet, it’s crucial to remember that the current trading of Pi Coins are IOUs (I Owe You) tokens and aren’t directly tied to the original Pi Network project.
The Pi Network’s progress has been notable, with PiFest’s recent triumph and the approaching completion of KYC verification for miners serving as evidence. Developers have announced that approximately 27,000 vendors have registered on the Map of Pi, a decentralized application (dApp) aimed at facilitating merchants to receive Pi Coin as payment.
The advancements made are crucial in establishing a system where Pi Coin truly offers practical value, meeting one of the essential prerequisites for the primary network’s debut. However, it’s important to note that the IOU version of Pi being circulated currently is distinct from the actual Pi Coin that will be found on the Pi Network’s blockchain following the mainnet launch.
Although the IOU token isn’t directly linked with the official Pi project, its price fluctuations have generally followed the overall market reactions towards advancements within the Pi Network.
The imminent launch of our mainnet is crucial to the development of Pi Network, with the successful completion of the KYC process by November 30 being a key requirement. Expanding the acceptance of Pi Coin among merchants through programs like the Pi Map significantly increases its practical usage in the real world. However, it’s important to note that these advancements are distinct from the trading of the IOU token on various exchanges, which is more speculative in nature.
In October, the value of this IOU token momentarily reached around $100, but later adjusted to about $44.95. Some technical signs, like a golden cross where the 200-day and 50-day moving averages overlapped, hint at possible bullish trends. If these indications continue, there’s talk that the IOU token might approach the $100 level again.
Looking at the technical analysis, if the IOU token surpasses the resistance at $56.25, it could potentially trigger a surge towards $100 or even reach its highest point this year at $122.05. However, should it struggle to sustain its momentum, we might see the price dipping back down to around $45 – a level where it previously found support.
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2024-11-26 17:56