Pi Network (PI) has experienced a significant price surge, reaching $60 on Monday, November 13th. This represents a 25% increase from its recent low and a 101% gain compared to last year’s low. This rally aligns with the broader cryptocurrency market’s bullish momentum, with Bitcoin crossing the $82,000 mark for the first time.
The Mainnet Anticipation
The primary driver behind Pi Network’s surge is the increasing anticipation of its mainnet launch and the subsequent token generation event. Several conditions must be met for the mainnet to launch, including a friendly regulatory environment, which the recent US election has positively impacted.
Additionally, Pi Network is actively addressing the Know Your Customer (KYC) verification process, with a deadline of November 30th. Pioneers who fail to complete the KYC process risk losing their coins. The platform is also focused on building a robust ecosystem of applications that accept Pi Coin, as evidenced by the recent PiFest event showcasing merchants accepting the token.
A Rising Tide Lifts All Boats
The resurgence of Pi Network has also benefited other tap-to-earn tokens, such as Citizen, Notcoin, and Hamster Kombat, which have seen double-digit gains. This suggests a broader trend of increased interest in this category of cryptocurrencies.
Technical Analysis
The daily chart for Pi Network indicates a strong bullish momentum. The token has rebounded from a low of $30.10 in October and reached a peak of $100 on October 26th. While there has been a recent pullback, the token remains above its 50-day and 25-day moving averages.
The MACD and Relative Strength Index (RSI) indicators are also pointing upwards, suggesting that the bullish trend may continue. Bulls are targeting the $100 resistance level, which represents a potential 71% upside from the current price. However, a break below the $48.10 support level could invalidate the bullish outlook.
Pi Network’s recent price surge is primarily driven by the anticipation of its mainnet launch and the broader cryptocurrency market’s bullish sentiment. As the project progresses toward its mainnet launch and the ecosystem continues to grow, the potential for further price appreciation remains significant. However, investors should exercise caution and conduct thorough research before investing in any cryptocurrency, especially those in the early stages of development.
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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