Pi Network has recently seen its price correct slightly following a broader rally in the cryptocurrency market. While Bitcoin nears the significant milestone of $100,000, optimism around altcoins, including Pi Coin, continues to grow.
Many investors are speculating whether Pi Network’s price can reach $100 ahead of its much-anticipated mainnet launch. However, it’s important to note that the current Pi Coin trading is an IOU (I Owe You) token and is not directly associated with the original Pi Network project.
The Pi Network ecosystem has made considerable strides, as highlighted by the recent success of PiFest and the nearing conclusion of the KYC verification process for miners. Developers have reported that over 27,000 sellers have registered on the Map of Pi, a dApp designed to enable merchants to accept Pi Coin for payments.
This progress is pivotal in building an ecosystem that provides real utility for Pi Coin, fulfilling one of the key conditions for the official launch of the mainnet. Yet, the IOU version of Pi being traded today is separate from the actual Pi Coin that will exist on the Pi Network’s blockchain post-mainnet.
Despite the disconnect between the IOU token and the official Pi project, the IOU token’s price movements have mirrored market sentiment surrounding Pi Network’s developments.
The upcoming mainnet launch is vital for Pi Network’s growth, hinging on the completion of the KYC process by November 30. Increasing acceptance of Pi Coin by sellers through initiatives like the Map of Pi boosts its real-world adoption, though these developments are separate from the speculative trading of the IOU token on exchanges.
The price of this IOU token briefly touched $100 in October before correcting to $44.95. Technical indicators, such as a golden cross where the 200-day and 50-day moving averages intersected, suggest potential bullish momentum. If these conditions persist, there’s speculation that the IOU token could retest the $100 mark.
From a technical analysis perspective, if the IOU token manages to break above the $56.25 resistance level, it could pave the way for a rally toward $100 or even its year-to-date high of $122.05. Conversely, failure to maintain momentum might push its price back to the $45 level, where it found support earlier.
Also Read: Pi Network Introduces Lockup Feature for Boosted Mining Rewards
