Will Pi Network Price Hit $100 Before Mainnet Launch?
Pi Community has not too long ago seen its value appropriate barely following a broader rally within the cryptocurrency market. Whereas Bitcoin nears the numerous milestone of $100,000, optimism round altcoins, together with Pi Coin, continues to develop.
Many buyers are speculating whether or not Pi Community’s value can attain $100 forward of its much-anticipated mainnet launch. Nonetheless, it’s necessary to notice that the present Pi Coin buying and selling is an IOU (I Owe You) token and isn’t immediately related to the unique Pi Community mission.
The Pi Community ecosystem has made appreciable strides, as highlighted by the current success of PiFest and the nearing conclusion of the KYC verification course of for miners. Builders have reported that over 27,000 sellers have registered on the Map of Pi, a dApp designed to allow retailers to simply accept Pi Coin for funds.
This progress is pivotal in constructing an ecosystem that gives actual utility for Pi Coin, fulfilling one of many key circumstances for the official launch of the mainnet. But, the IOU model of Pi being traded immediately is separate from the precise Pi Coin that can exist on the Pi Community’s blockchain post-mainnet.
Regardless of the disconnect between the IOU token and the official Pi mission, the IOU token’s value actions have mirrored market sentiment surrounding Pi Community’s developments.
The upcoming mainnet launch is significant for Pi Community’s progress, hinging on the completion of the KYC course of by November 30. Growing acceptance of Pi Coin by sellers by initiatives just like the Map of Pi boosts its real-world adoption, although these developments are separate from the speculative buying and selling of the IOU token on exchanges.
The value of this IOU token briefly touched $100 in October earlier than correcting to $44.95. Technical indicators, comparable to a golden cross the place the 200-day and 50-day shifting averages intersected, counsel potential bullish momentum. If these circumstances persist, there’s hypothesis that the IOU token may retest the $100 mark.
From a technical evaluation perspective, if the IOU token manages to interrupt above the $56.25 resistance degree, it may pave the best way for a rally towards $100 and even its year-to-date excessive of $122.05. Conversely, failure to take care of momentum may push its value again to the $45 degree, the place it discovered assist earlier.
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