Pi Network’s Price Poised for a Bounce Back with Mainnet Launch Looming
Pi Network, a mobile-based blockchain project, has seen its token (PI) experience relative stability in recent days. This coincides with the conclusion of Pi Fest, an event aimed at showcasing the project’s utility for local commerce. However, with the highly anticipated mainnet launch approaching, analysts predict a potential price surge for PI in the coming months.
Pi Fest: A Celebration of Local Commerce
Pi Fest, held from October 29th to November 5th, 2024, encouraged users to demonstrate Pi Network’s real-world applications. Participants shared pictures on social media and the Fireside Forum showcasing local businesses accepting PI. This event likely contributed to the recent surge in PI’s price, which reached a high of $52.18 on November 5th, marking its strongest performance since October 5th.
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Mainnet Launch: The Catalyst for Growth?
The primary driver behind the anticipated price increase is the imminent transition from the enclosed mainnet to the public mainnet. This transition will allow users to convert their PI tokens into fiat currencies, a feature currently unavailable. Developers have consistently reiterated their commitment to launching the mainnet by the end of 2 2024, suggesting a potential launch date later this month or in December.
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Prudent Development Strategy for Mainnet Launch
Pi Network’s developers have outlined three key factors influencing the timing of the mainnet launch:
- KYC Verification: They prioritize ensuring most pioneers have completed the Know Your Customer (KYC) verification process.
- Mainnet-Ready Applications: Achieving a minimum threshold of at least 100 applications prepared for the mainnet environment is crucial.
- Favorable Market Conditions: Historically, developers have favored launching airdrops when other cryptocurrencies exhibit positive momentum.
Strong Technical Indicators Fuel Optimism
Beyond the mainnet launch, PI’s technical indicators suggest potential for near-term price appreciation. The daily chart shows a breakout above the key resistance level of $49.80, aligning with the upper trendline of a cup-and-handle pattern. Additionally, exceeding the 50-day and 200-day moving averages further reinforces the bullish sentiment.
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A Look at the Future: Potential Price Trajectory
With the mainnet launch on the horizon and positive technical signals, PI could experience a significant price increase. Analysts point to the Murrey Math Lines indicator, suggesting a potential rise to the strong pivot reversal level of $62.5.
