Cash News
The Pi Network IoU token is firing on all cylinders as the odds of a mainnet launch increase and as most altcoins bounce back.
The thinly-traded Pi Coin (PI) rose to $46.93 on Monday, Oct. 7, its highest point since July and 60% above its lowest level this year.
Pi Coin token rebound continues
This rebound was in sync with other cryptocurrencies, which have bounced back. Bitcoin (BTC) rose to $63,000 while meme coins like Mog Coin (MOG) and Dogwifhat (WIF) surged by over 10%.
There are also rising hopes that Pi Network’s developers will launch the mainnet in the first quarter of next year.
In a statement in September, they gave pioneers a new extension to complete their KYC verification in the application. The deadline for the grace period will end on Dec. 31 this year.
This KYC verification is an important part of Pi Network’s migration from the enclosed mainnet to the final mainnet. The Open Network will enable pioneers to convert their Pi coins into fiat currencies and allow non-pioneers to interact with the network’s ecosystem.
Meanwhile, the team is selecting partnerships with companies in the crypto industry and other sectors ahead of the launch. These partnerships will give companies access to over 60 million members of the network.
Additionally, the developers are working to grow their global influencer program to expand its reach ahead of the network launch.
As part of the road to mainnet launch, the developers hope to have an active ecosystem of applications that will give the token utility. They will only launch the mainnet only when the crypto industry is doing well.
Pi Network IoU rises to a key resistance
The Pi Network IoU is a cryptocurrency launched in 2022 that was immediately disowned by the real developers. Regardless, it is often seen as the best indicator of how the token will trade when the mainnet launch happens. However, it has some drawbacks, like low volume and the fact that only a few exchanges offer it.
On the daily chart, the token formed a double-bottom pattern at $29.34. In most cases, a double bottom is one of the most bullish signs in the market. It has now risen to the pattern’s neckline at about $47.
Also, Pi Network has moved above the 50-day moving average, pointing to more upside in the near term. If this happens, the next levels to watch will be $50, followed by $61.8, its highest swing in August 2023.
The biggest risk for Pi Coin is that most tap-to-earn tokens, such as Hamster Kombat, Notcoin, and DOGS, have plunged after their debut.