The Pi Network price has bounced back in the past few days, even as other cryptocurrency prices have retreated. Pi coin has rallied to $49, up from last week’s low of $36, becoming one of the best-performing cryptocurrencies. Let’s explore why Pi has risen and what to expect in the coming weeks.
Mainnet Launch Hopes
The Pi coin price has risen as investors anticipate the launch of the mainnet or the Open Network soon. A move from the enclosed mainnet to the open one would be a big deal for the Pi Network because it would let pioneers convert their tokens into fiat currencies.
It will also be good for Pi Network developers as it will let them unveil their apps to a global audience. Millions of users have waited for the Pi Network mainnet launch for years, a move that will allow them to monetize their tokens.
However, the developers have constantly delayed the launch, citing the need to develop Pi into a more viable ecosystem. The developers have identified three priorities that need to happen before the mainnet launch happens.
They want the network to have many mainnet-ready applications and for the external environment to be friendly.
Most importantly, their goal is to have at least 10 million pioneers complete their KYC and then migrate their tokens to the mainnet. This process was to end in November, but the developers have postponed it several times.
The new deadline is that the KYC migration will end on February 28, but there is a risk that it will be postponed again.
The developers have also noted that the KYC process will continue for a while, even after the mainnet launch happens. They have hinted that the launch will still happen in the first quarter, most likely in March.
Pi Network Price Analysis
The daily chart shows that the Pi coin price bottomed at $36.52 last week and rebounded to nearly $50. This rebound happened after the coin formed a falling wedge chart pattern, a highly bullish sign in the market. This pattern has two falling and converging trendlines, shown in black above.
Pi Network price has moved above the upper side of this pattern and the 50-day Exponential Moving Average (EMA). It has also retested the Major S&R pivot point of the Murrey Math Lines (MML).
The two lines of the MACD have formed a bullish crossover pattern. Therefore, the Pi coin price may rise as bulls target the weak, stop, and reverse point at $69. A drop below support at $42 will invalidate the bullish view.
PLEASE NOTE: This Pi coin is not affiliated with the main Pi Network project and is only listed on the HTX exchange. It is also a thinly traded token that acts as a proxy for the Pi Network project.
READ MORE: 4 Pi Network Rivals to Buy Ahead of the Mainnet Launch
