Pi Network price IoU may soon experience a bounce back

The Pi Network IoU token has been stable over the past few days as Pi Fest kicks off and investors await the launch of the mainnet.

Pi Coin (PI) rose to $52.18 on Tuesday, November 5, making its highest rise since October 5. It’s up over 78% from this year’s low.

This increase comes after the network runs PiFest, which ends on November 5. PiFest is an event that allows users to showcase Pi’s native commerce service. They do this by taking a photo of local businesses that accept the Pi Network and sharing it on social media and the Fireside Forum.

PiFest 2024 has already witnessed intense participation and enthusiasm! PiFest will run from October 29 to November 5 — Pioneers and merchants should continue to trade with Pi and increase the benefit of local Pi trade. Read the guidelines for more information: https://t.co/QqZhPhOpIS pic.twitter.com/8R7CIkvrwa

— Pi Network (@PiCoreTeam) November 1, 2024

There is a possibility that the Pi Network token will rebound in the coming months as developers work on the transition to a mainnet launch.

Developers hope to make the transition from the closed mainnet to the real mainnet, where users can convert their funds into fiat currencies. They continued to insist that the mainnet launch would happen this year. And approaching the end of the year means this will happen either later this month or in November.

Pi developers have hinted that they will move from closed mainnet to full mainnet only if three things happen. First, they want to make sure that most leads have completed KYC verification. Second, they also hope to have at least a hundred mainnet-ready applications in the ecosystem.

They also hope that market conditions will be supportive of the cryptocurrency. In most periods, developers like to airdrop when other cryptocurrencies are rising.

Pi Network features powerful technical PI chart by TradingView

Another reason why Pi Coin price may rise soon is that it has strong technicals. On the daily chart above, it has bounced above key resistance at $49.80, the July high, and the top of the cup and handle formation.

It has also broken above the 50-day and 200-day moving averages, which means the bulls are in control for now. Pi Coin also broke above the major support/resistance pivot point of the Murrey Math Lines.

Therefore, as Pi Network’s mainnet launch approaches, the chances of this IoU potentially rising to the strong pivot reversal level of $62.5 increase.

The Pi Network token has no connection to the actual Pi project.