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Pi Network IoU token has held steady in the past few days as the Pi Fest got underway and as traders waited for the mainnet launch.
Pi Coin (PI) rose to a high of $52.18 on Tuesday, Nov. 5, its highest swing since Oct. 5. It has risen by over 78% from its lowest level this year.
This surge happened after the network ran the PiFest which ends on Nov. 5. PiFest is an event that lets users showcase Pi’s local commerce utility. They do that by taking a picture of local businesses accepting Pi Network and sharing it on social media and on Fireside Forum.
PiFest 2024 has already seen an abundance of participation and enthusiasm! PiFest runs from Oct 29 to Nov 5 — Pioneers and merchants should continue shopping with Pi and boosting the utility of local Pi commerce. Read the guidelines for more information: https://t.co/QqZhPhOpIS pic.twitter.com/8R7CIkvrwa
— Pi Network (@PiCoreTeam) November 1, 2024
There is a likelihood that the Pi Network token will bounce back in the coming months as developers work on the transition to the mainnet launch.
The developers hope that the launch from the enclosed mainnet to the real mainnet, where users will be able to convert their coins into fiat currencies. They have continued to insist that the mainnet launch will happen this year. And with the year nearing its end, it means that it will happen either later this month or in November.
Pi developers have hinted that they will only move from the enclosed mainnet to full mainnet if three things happen. First, they want to ensure that most pioneers have completed their KYC verification. Second, they also hope that there will be at least one hundred mainnet ready applications in the ecosystem.
Additionally, they hope that the market conditions will be supportive of the coin. In most periods, developers love to lauch the airdrop when other cryptocurrencies are soaring.
Pi Network has strong technicals
The other reason why the Pi Coin price may surge soon is that it has strong technicals. On the daily chart above, it has jumped above the key resistance point at $49.80, its highest swing in July, and the upper side of the cup and handle pattern.
It has also moved above the 50-day and 200-day moving averages, meaning that bulls are in control for now. Pi Coin has also jumped above the major support/resistance pivot point of the Murrey Math Lines.
Therefore, with the Pi Network’s mainnet launch nearing, there are rising odds that this IoU will rise, potentially to the strong pivot reverse level of $62.5.
The Pi Network token is not affiliated with the real Pi project.