Pi Network coin price surges as key deadline nears

Pi Network price rose for six consecutive days ahead of a key deadline scheduled for later this month. Can the Pi Coin sustain its momentum and retest its October high of $100?

The Pi Network price continued its strong rally on Monday. Pi Coin’s IoU token rose for six consecutive days ahead of a key deadline. Can the Pi Coin sustain its momentum and retest its October high of $100?

The Pi Coin IoU token has staged a remarkable recovery, surging to $80, which is 175% above its lowest level in September. This rally comes as the surging cryptocurrency prices raise the anticipation for its mainnet launch in December.

Pi Network also surged ahead of the 30th November deadline for the grace period of the Know Your Customer (KYC) verification process. The KYC process aims to verify the millions of pioneers who have been mining the coin over the past six years and weed out any bots.

This verification is a crucial step towards the mainnet launch, which is expected to take place in December. Once it does, all pioneers will finally be able to swap their tokens for fiat currencies and stablecoins. Pioneers who fail to complete their verification may lose all their mined coins.

The KYC is among the three criteria that must be met before the Pi Network mainnet launch can proceed. Another is the presence of a vibrant ecosystem, which will give the Pi coin utility.

Moreover, the developers have hinted that the mainnet launch or the shift to the open network will happen when market conditions are favourable. This condition has been met as most cryptocurrencies are in a strong rally and the regulations are expected to be friendlier under the Trump administration.

Pi Coin price set for $100 retest

The Pi Coin is an IOU that is not affiliated with the actual project and is only listed on the HTX exchange. However, it is widely used as a proxy for the coin, which is why its price has been surging in recent weeks.

On the daily chart, the Pi price soared to a high of $100 earlier this month after the developers confirmed that the mainnet launch was on the way. It then encountered a sharp reversal and crashed to a low of $45 on 12th November.

The coin has since bounced back and is now trading above the 50-day and 200-day Exponential Moving Averages. It has also rallied above the ultimate resistance of the Murrey Math Lines.

The Average Directional Index (ADX), a popular measure of a trend strength, has surged to above 60. Moreover, the Relative Strength also shows that it has momentum. As such, the coin may soon quickly retest the $100 level, which is roughly 25% above the current price. A move above that level will enhance the chances of it rising to the year-to-date high of $121, a 53% increase from the current level.

On the downside, a drop below the strong pivot reverse point at $62.5 will invalidate the bull run and increase the likelihood of it crashing back to $45.