Here’s why the Pi Network price is in recovery mode

Pi Network price continued rising as the odds of its mainnet launch jumped amid positive sentiment in the crypto industry.

Author’s note: This Pi Network coin is only offered by HTX and is not associated with the real Pi project.

Pi Network (PI) token surged to $60 on Monday, up 25% from its lowest level last week and 101% higher than last year’s low.

This rally coincided with the ongoing crypto bull run, with Bitcoin (BTC) crossing the important resistance point at $82,000 for the first time ever. Other cryptocurrencies like Ethereum (ETH) and Cardano (ADA) also continued its strong momentum. 

Pi Network is rising as odds of the mainnet launch and the token generation event rise. One of the conditions for the launch is a friendly environment, which is happening with the ongoing crypto bull run. 

On top of this, the recent election of Donald Trump in the United States has removed some of the regulatory issues in the industry.

Pi Network is also addressing two other launch prerequisites. The developers are progressing with the Know Your Customer verification process, with the grace period for this set to conclude on Nov. 30. Once this period ends, pioneers who have not submitted their details will forfeit their coins.

The ecosystem also needs to have at least 100 applications that accept the Pi Coin for the mainnet launch. To support this, Pi Network hosted PiFest, where users showcased merchants accepting the token.

Meanwhile, there are signs that other tap-to-earn tokens have started falling and are now tracking other coins. For example, Citizen has risen by 62% from its lowest level this month. Similarly, Notcoin and Hamster Kombat have jumped by double digits. 

Pi Network price has rebounded

Pi Coin chart by TradingView

The daily chart indicates that the Pi Network token rebounded from $30.1 in October and peaked at $100 on Oct. 26. This rally occurred as expectations for the mainnet, or The Open Network launch, increased.

Pi subsequently retraced to a low of $48.10 on Nov. 2 and is now recovering. The token remains above the 50-day and 25-day moving averages, with both the MACD and the Relative Strength Index pointing upwards.

As a result, the Pi Coin may continue to rise, with bulls targeting the key resistance level at $100, representing an approximate 71% increase from its current price. This rally could coincide with the countdown to the mainnet launch.

The bullish outlook would be invalidated if the token falls below the key support level at $48.10, its lowest point this month.