The price of Pi Network’s IOU could soon see a rebound.

The Pi Network IoU token has remained stable in recent days as the Pi Fest event kicked off, with traders eagerly awaiting the mainnet launch. On Tuesday, Nov. 5, Pi Coin (PI) surged to a peak of $52.18, marking its highest price since Oct. 5. This represents a significant 78% increase from its lowest point earlier this year.

This price surge followed the PiFest event, which concluded on Nov. 5. PiFest allowed users to demonstrate Pi’s local commerce utility by sharing photos of businesses accepting Pi Network payments on social media and the Fireside Forum.

Looking ahead, there is potential for the Pi Network token to bounce back in the coming months as developers focus on transitioning from the enclosed mainnet to the full mainnet. This transition will enable users to convert their Pi into fiat currencies, a key milestone for the network.

Pi developers have repeatedly emphasized that the full mainnet launch is slated to happen this year, and with the year nearing its close, it is expected to occur either later this month or in November. However, developers have outlined three key conditions for the transition to the full mainnet. First, they want to ensure that the majority of pioneers have completed their KYC (Know Your Customer) verification. Second, they aim for at least 100 mainnet-ready applications within the ecosystem. Finally, they hope for favorable market conditions to support the launch, as developers typically prefer to launch major updates when other cryptocurrencies are performing well.

Pi Network has strong technicals

Pi Network’s strong technical indicators suggest that the Pi Coin price could be poised for a significant surge in the near future. On the daily chart, Pi Coin has recently broken through a key resistance level at $49.80, which marked its highest price in July. This level also aligns with the upper boundary of a cup and handle pattern, a bullish chart formation.

In addition to this, Pi Coin has moved above both the 50-day and 200-day moving averages, signaling that the bulls are currently in control. It has also surged past a critical support/resistance pivot point as indicated by the Murrey Math Lines, a popular technical analysis tool. These technical factors point to an overall positive market sentiment for Pi Coin.

As the Pi Network mainnet launch approaches, the odds of further upward momentum for the Pi IoU token are increasing, with the potential for it to rise toward the next strong resistance level at $62.50.

It’s important to note that the Pi Network token is not directly affiliated with the official Pi project, but it remains a significant part of the network’s growing ecosystem and could see increased interest as the mainnet launch draws closer.