As Pi Network’s anticipated mainnet launch draws closer, its IoU token has shown resilience in recent trading sessions. The Pi Coin (PI) climbed to $52.18 on November 5, marking a 78% increase from its yearly low and sparking optimism among traders. This rise coincided with PiFest, an event celebrating Pi’s utility in local commerce, which concluded on November 5.
Mainnet Transition Raises Expectations for Pi Coin
The upcoming mainnet launch will allow users to convert Pi coins into fiat currency, potentially driving demand. According to Pi developers, this transition will only happen if specific key requirements are met. First, they aim to ensure that most users, known as “pioneers,” have completed their KYC verification. Additionally, developers plan to launch the mainnet only if the ecosystem has at least 100 mainnet-ready applications, underscoring the importance of a robust network.
Developers are also considering broader market conditions, preferring to launch during a positive period for other cryptocurrencies. This timing could help maximize Pi’s entry into a bullish crypto market, which might further boost its price.
Technical Indicators Point to Potential Upside
Pi Network’s IoU token currently shows technical solid momentum. It has risen above the $49.80 resistance, a key level not reached since July, and has also surpassed both the 50-day and 200-day moving averages. Furthermore, the token now sits above a critical support pivot point, suggesting that bulls may have control for now.
With the mainnet launch possibly within weeks, some analysts project Pi’s IoU token could climb to the next resistance level at $62.5. However, traders are advised to remain cautious, as the Pi Network IoU is not officially affiliated with the original Pi project, a detail that has confused the crypto community.
Jaja has a degree in journalism and took classes in international law and business communication. Her career spans roles at prominent international media outlets, including International Business Times, Celebeat and Delightful Philippines. As a news editor, Jaja covered a wide range of beats, including legal, business, economy, cryptocurrency, personal finance, gaming, technology, and entertainment.