Pi Network has witnessed a minor price correction recently in the wake of a general upswing in the cryptocurrency market. With Bitcoin approaching the crucial milestone of $100,000, enthusiasm regarding altcoins like Pi Coin is on the rise.
A significant number of investors are conjecturing whether Pi Network’s price can hit $100 prior to its highly anticipated mainnet rollout. Nevertheless, it must be emphasized that the current Pi Coin trading involves an IOU token that is not directly linked to the original Pi Network project.
The Pi Network ecosystem has achieved substantial progress. The recent triumph of PiFest and the nearing end of the KYC verification process for miners are prime examples. Developers have stated that over 27,000 vendors have signed up on the Map of Pi, a decentralized application (dApp) intended to permit merchants to accept Pi Coin as payment.
This advancement is crucial for constructing an ecosystem that offers practical utility for Pi Coin, fulfilling one of the essential prerequisites for the official mainnet launch. However, the IOU version of Pi being traded presently is distinct from the actual Pi Coin that will exist on the Pi Network’s blockchain after the mainnet.
Despite the separation between the IOU token and the official Pi project, the IOU token’s price fluctuations have reflected the market sentiment regarding Pi Network’s developments.
The impending mainnet launch is critical for Pi Network’s expansion, depending on the completion of the KYC process by November 30. The growing acceptance of Pi Coin by sellers via initiatives such as the Map of Pi enhances its real-world usage, although these developments are detached from the speculative trading of the IOU token on exchanges.
The price of this IOU token briefly reached $100 in October before adjusting to $44.95. Technical indicators, like the golden cross where the 200-day and 50-day moving averages intersect, imply potential upward momentum. If these circumstances endure, there is speculation that the IOU token could revisit the $100 mark.
From a technical analysis viewpoint, if the IOU token can surpass the $56.25 resistance level, it could lead to a rally towards $100 or even its year-to-date peak of $122.05. On the other hand, a failure to sustain momentum might cause its price to revert to the $45 level, where it previously found support.
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