Pi Network’s IoU token has remained stable over the past few days as the Pi Fest event kicked off and traders awaited the mainnet launch. The price of Pi Coin (PI) reached a peak of $52.18 on November 5, marking its highest level since October 5. This surge represents a significant increase of over 78% from its lowest point this year.
The recent price increase can be attributed to the ongoing PiFest event, which concluded on November 5. PiFest provided users with the opportunity to demonstrate Pi’s utility in local commerce by sharing images of businesses that accept Pi Network on social media and Fireside Forum.
Looking ahead, there is a possibility that the Pi Network token will experience a resurgence in the coming months as developers focus on the transition to the mainnet launch. The developers are optimistic about the shift from the closed mainnet to the real mainnet, where users will be able to convert their coins into fiat currencies. They have reiterated their commitment to launching the mainnet this year, with the anticipated timeframe being later this month or in November.
For the transition to the full mainnet to occur, developers have outlined three key requirements. These include ensuring that the majority of pioneers have completed their KYC verification, having at least one hundred mainnet-ready applications in the ecosystem, and favorable market conditions for the coin.
In addition to these developments, the Pi Coin price is poised for potential growth due to its strong technical indicators. The daily chart shows that the price has surpassed the critical resistance level at $49.80, as well as the 50-day and 200-day moving averages. This bullish momentum is further supported by the coin’s breach of the major support/resistance pivot point of the Murrey Math Lines.
With the Pi Network’s mainnet launch on the horizon, there is an increasing likelihood that the IoU token will experience further gains, potentially reaching the robust pivot reverse level of $62.5.
It is important to note that the Pi Network token is distinct from the real Pi project, and investors should exercise caution and conduct thorough research before making any investment decisions. By staying informed about the latest developments and market trends, traders can position themselves strategically to benefit from potential price movements in the future.