The Pi Network IoU token is gaining traction as anticipation for a mainnet launch grows, coinciding with a rebound in most altcoins. The thinly-traded Pi Coin (PI) surged to $46.93 on Monday, October 7, marking its highest level since July and a 60% increase from its lowest point this year.

Pi Coin Token Rebound

This rebound aligns with the broader cryptocurrency market recovery. Bitcoin rose to $63,000 while meme coins like Mog Coin and Dogwifhat saw significant gains of over 10%.

Mainnet Launch Anticipation

There are mounting expectations that Pi Network’s developers will launch the mainnet in the first quarter of next year. In a recent statement from September, developers extended the KYC verification deadline to December 31, giving pioneers more time to complete their verification process. Successful KYC verification is crucial for Pi Network’s transition from the enclosed mainnet to the open mainnet.

The Open Network will enable pioneers to convert their Pi coins into fiat currencies and allow non-pioneers to engage with the ecosystem. Additionally, the team is forming strategic partnerships across various sectors to leverage the network’s 60 million members.

Efforts are also underway to expand the global influencer program, aiming to increase its reach before the network’s launch.

Apply to the global Pi Influencer Program to expand your reach and contribute to Pi’s growth as we approach the Open Network.

Pi Network IoU Resistance Levels

The Pi Network IoU, launched in 2022, has often been viewed as a predictor of how the token will perform once the mainnet is live. Despite being disowned by the original developers, the IoU token has its merits, although it suffers from low trading volume and limited exchange availability.

On the daily chart, the token formed a bullish double-bottom pattern at $29.34 and has now reached the neckline at around $47. The token has also moved above the 50-day moving average, suggesting potential further upside. If this trend continues, key resistance levels to watch are $50 and $61.8, the latter being its highest swing in August 2023.

The primary risk for Pi Coin lies in the performance of similar “tap-to-earn” tokens, such as Hamster Kombat, Notcoin, and DOGS, which have seen significant declines post-launch.

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