As the probability of a mainnet launch increases and the majority of altcoins recover, the Pi Network IoU token is operating at full capacity
On Monday, October 7, the Pi Coin (PI), a thinly traded cryptocurrency, reached its highest position since July at $46.93, which is 60% higher than its lowest point this year.
The rebound of the Pi Coin token persists
This rebound was consistent with the recovery of other cryptocurrencies. Bitcoin experienced an increase of $63,000, while meme currencies such as Dogwifhat and Mog Coin experienced a surge of over 10%.
Additionally, there is an increasing likelihood that the mainnet will be launched by the developers of Pi Network in the first quarter of the following year.
Pioneers were granted an additional extension to finalize their KYC verification in the application in a September statement. This year, the grace period will conclude on December 31.
This KYC verification is a critical component of Pi Network’s transition from the enclosed mainnet to the final mainnet. Pioneers will be able to convert their Pi tokens into fiat currencies through the Open Network, while non-pioneers will be able to engage with the network’s ecosystem.
In the interim, the team is in the process of establishing partnerships with organizations in the crypto industry and other sectors in anticipation of the launch. These partnerships will provide companies with access to more than 60 million network members.
Furthermore, the developers are currently engaged in the expansion of their global influencer program in anticipation of the network’s launch.
The developers aspire to establish an active ecosystem of applications that will provide the token with utility as part of the journey to the mainnet launch. The mainnet will be launched exclusively when the crypto industry is experiencing prosperity.
An important resistance is encountered by the Pi Network IoU
The real developers promptly disowned the Pi Network IoU, a cryptocurrency that was launched in 2022.
Nevertheless, it is frequently regarded as the most reliable predictor of the token’s trading behavior upon the launch of the mainnet.
Nonetheless, it has certain disadvantages, such as the fact that it is only available on a limited number of exchanges and has a low volume.
The token established a double-bottom pattern at $29.34 on the daily chart. A double bottom is generally considered one of the most favorable indicators in the market. It has now reached the neckline of the pattern, which is approximately $47.
Additionally, Pi Network has surpassed the 50-day moving average, suggesting that there is potential for further growth in the near term.
In the event that this occurs, the subsequent levels to monitor will be $50 and $61.8, which represents the maximum swing in August 2023.
The most significant risk for Pi Coin is the fact that the majority of tap-to-earn tokens, including Hamster Kombat, Notcoin, and DOGS, have experienced a decline in value since their introduction.