Here’s why the Pi Network price is in recovery mode

Pi Network price has continued to rise amid positive sentiment in the crypto industry as the possibility of the mainnet launch increases.

Author’s note: This Pi Network coin is offered only by HTX and is not associated with the actual Pi project.

The Pi Network (PI) token rose to $60 on Monday, up 25% from last week’s low and 101% from last year’s low.

This rally coincides with the ongoing crypto bull run, with Bitcoin (BTC) breaking the key $82,000 resistance point for the first time. Other cryptocurrencies such as Ethereum (ETH) and Cardano (ADA) also continued their strong momentum.

Pi Network is on the rise with the possibility of mainnet launches and token creation increasing. One of the conditions of the launch is a friendly environment during the ongoing crypto bull run.

On top of this, the recent election of Donald Trump in the US has cleared up some regulatory issues in the industry.

Pi Network also addresses two other launch prerequisites. The developers are continuing the Know Your Customer verification process and the grace period for this set will end on November 30. Once this period expires, pioneers who have not submitted their details will lose their money.

The ecosystem also needs to have at least 100 applications that accept Pi Coin for mainnet launch. To support this, Pi Network hosted PiFest, where users showcased merchants accepting the token.

Meanwhile, there are signs that other win-win tokens have begun to decline and are now following other cryptocurrencies. Citizen, for example, is up 62% from its lowest level this month. Similarly, Notcoin and Hamster Kombat also experienced double-digit increases.

Pi Network price rebounded on Pi Coin chart according to TradingView

The daily chart shows the Pi Network token rebounding from $30.1 in October and rising as high as $100 on October 26. This rise comes as expectations for the mainnet or Open Web launch increase.

Pi then dropped to $48.10 on November 2nd and is currently recovering. The token remains above the 50-day and 25-day moving averages, with both the MACD and the Relative Strength Index pointing up.

As a result, Pi Coin could continue to rise, with bulls targeting the key resistance level at $100, representing an upside of around 71% from its current price. This rally may coincide with the countdown to the mainnet launch.

The bullish view will be invalidated if the token falls below the key support level of $48.10, which is this month’s low.