Pi Network’s IoU token has maintained its stability in recent days, even as the highly anticipated Pi Fest concluded and traders eagerly await the much-promised mainnet launch.
On Tuesday, November 5th, Pi Coin (PI) reached a significant high of $52.18, marking its strongest performance since October 5th. This surge represents a remarkable 78% increase from its yearly low, fueled by the excitement surrounding Pi Fest.
Pi Fest and Mainnet Expectations
Pi Fest, a community-driven event that showcased Pi’s potential for real-world applications, concluded on November 5th. During the event, users shared images of local businesses accepting Pi payments on social media and the Fireside Forum.
As the mainnet launch draws closer, developers continue to express optimism, aiming to transition from the enclosed mainnet to the full mainnet later this month or in November. This transition will enable users to convert their Pi coins into traditional fiat currencies.
Also Read: Pi Network – A Deep Dive Into GCV, Mainnet Launch, And The Potential Of Pi Coin
Key Conditions for Mainnet Launch
Developers have outlined three essential conditions for the full mainnet launch:
- KYC Verification: A significant portion of pioneers must complete their Know Your Customer (KYC) verification process.
- Mainnet-Ready Applications: The ecosystem must have at least 100 applications ready for the mainnet.
- Favorable Market Conditions: The broader cryptocurrency market should be supportive of the launch.
Strong Technical Indicators
Pi Network’s recent price action suggests strong technical fundamentals. The token has surpassed key resistance levels, including the $49.80 mark and the upper boundary of a cup and handle pattern. Furthermore, it has broken above the 50-day and 200-day moving averages, indicating bullish momentum.
Potential Price Targets
Given these positive factors, the Pi Network token has the potential to experience further growth, with a strong pivot reverse level of $62.5 serving as a potential price target.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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