why Pi Network price is in recovery mode

Pi Network (PI) token rose to $60 on Monday from 25% of the lowest point recorded last week and 101% up from its low in 2021.

This rally occurred at the same time of the overall crypto bull run with Bitcoin Bitcoin
btc
1.46%
Bitcoin rising above $82,000 for the first time ever. Other forms of cryptocurrency such as Ethereum Ether
eth
-0.34%
Ethereum and Cardano Cardano
ada
20.93%
Cardano also remained in an uptrend.

The Pi Network is now elevating as probabilities of the mainnet launch and the token generation event increases. But one of the conditions for the launch is a friendly environment and while it is a detriment that to anticipate this launch would negate, the crypto bull run happening at the moment can counteract this point.

In addition to that, the election of Donald Trump in America has cleared most of the regulatory problems in the business.

Pi Network is also tackling two other launch requirements. The developers are moving forward with the Know Your Customer verification process with the grace period on this slated to end on November 30. He added that after this period, the pioneers who did not provide their details will lose their coins.

For this ecosystem, there should be at least 100 applications that accept the Pi Coin for the mainnet to proceed. In further support of this, Pi Network did host a PiFest, in which users demonstrated merchants using the token.

However, some tap-to-earn tokens have been observed to have started their decline, and are following other coins’ performance instead. For instance, Citizen has gained 62 percent from its low point this month. Equally, Notcoin and Hamster Kombat have risen by double digits.

This reinstated that based on the daily chart the token has recovered from $30.1 as observed in October and spiked at $100 on 26/10/2021. This rally happened when the community expectations of the mainnet, also known as The Open Network, grew.

Pi then pulled back to $48.10 on November 2nd, and now the digital asset is on the way to the recovery. The token is still located higher than the 50-day and 25-day moving averages while the MACD and the Relative Strength index are growing.

Consequently, the Pi Coin can carry on strengthening, and the bulls’ focus is expected to remain at the $100 mark, approximately 71% higher than the current price. This rally might take place as the countdown to the mainnet launch is going on.

Such a bullish outlook would be rendered false if the token dipped below $48.10 – the token’s lowest this month.