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

The price of Pi Network (PI) token has continued to rise as the chances of its mainnet launch grow, fueled by a positive atmosphere in the crypto market.

On Monday, the Pi Network token reached $60, a 25% increase from last week’s lowest point and a 101% gain compared to its price this time last year. This surge comes as the entire crypto market experiences a strong bull run, with Bitcoin breaking the significant $82,000 barrier for the first time, and other coins like Ethereum and Cardano maintaining their upward momentum.

The increase in Pi Network’s value is closely tied to the growing likelihood of its mainnet launch and token generation event. One of the key factors for the launch is a supportive environment, which is now being provided by the ongoing market rally.

In addition, the recent U.S. presidential election results have helped clear some regulatory uncertainties in the industry. Pi Network is also addressing two key requirements for its mainnet launch: the Know Your Customer (KYC) verification process, which will conclude on November 30, and the goal of having at least 100 applications or merchants accepting Pi Coin. To aid in this, Pi Network held PiFest, where users presented merchants who are already willing to accept the token.

Meanwhile, some other tap-to-earn tokens are showing signs of decline, with tokens like Citizen, Notcoin, and Hamster Kombat all tracking higher gains recently.

Pi Network’s token price recovered after reaching a low of $30.1 in October, peaking at $100 on October 26 as expectations around its mainnet launch grew. The token then retraced to $48.10 by November 2, but it has been on the rise again since. It remains above both the 50-day and 25-day moving averages, with the MACD and RSI indicators pointing to continued upward movement.

Given these conditions, Pi Network could continue its upward trend, with the next resistance level at $100, representing a 71% increase from its current value. This rally may align with the approaching countdown to the mainnet launch.

However, the bullish outlook would be invalid if the price dips below the $48.10 support level, its lowest point this month.