Pi Network Price Prediction: Bullish Technicals Hint $100 Incoming

by

As a seasoned crypto investor with over a decade of experience in the digital asset market, I’ve witnessed countless price fluctuations and trends that have shaped the industry as we know it today. The recent surge in Pi Network’s price has caught my attention, especially considering its potential to reach $100 this year.

After experiencing a steep decline at the start of the week, cryptocurrency prices have bounced back, largely due to Bitcoin‘s recovery surge. Many alternative coins have made a significant rebound, and Pi Network’s price has experienced a substantial increase over the past two days. If this energy and momentum continue leading up to the mainnet launch, experts predict that Pi Network’s price could reach $100 by the end of this year, according to technical analysis.

Pi Network Price Analysis: Chart Patterns Point to a Move to $100

In November, the value of Pi coin soared to $100 due to rising expectations for its mainnet launch. However, it subsequently pulled back, erasing nearly all those gains, reaching a low of $45. Towards the end of the month, it rebounded and climbed up to $91.60.

Based on current market trends, it’s possible that Pi Network could potentially rise back towards $100. Since October this year, the network has consistently stayed above an upward trendline connecting its lowest points. It has displayed several instances where it dropped below this line but quickly recovered, indicating that traders are hesitant to sell at prices below that point.

Pi Network’s position has consistently stayed above its 100-day Exponential Moving Average (EMA), with efforts to fall below this point proving unsuccessful. This suggests that a majority of investors continue to be optimistic about the network.

The price of Pi Coin has likewise received backing at a significant buy-and-sell (S&R) turning point according to Murray Math Lines. This implies there’s a strong possibility that the token could reach $100 in value if the cryptocurrency market rally persists.

If the price surpasses various resistance levels, including this month’s peak of $70 and a significant support-resistance (S&R) level, as well as the high point at $91.60 achieved on November 23 (which also aligns with the overextended Murrey Math Lines), then additional gains beyond $100 will be validated.

If the price falls slightly under the 100-day moving average, and then starts to climb again following an upward trendline, it may signal a shift in market sentiment, suggesting a potential increase in bearish momentum, indicating further potential for a price decrease.

Pi Coin Mainnet Launch Will Be The Catalyst

The primary reason for the Pi Network’s price surge towards $100 could be attributed to its imminent mainnet launch, which is scheduled for later this month or early January.

The Pi Network will transition from its current closed network to a fully operational one with the mainnet launch. This move will enable early adopters to swap their Pi coins for traditional currency. Additionally, it will allow for the deployment of applications created during the development stage of the closed network.

Together, the developers and the community are actively striving towards the actualization of the mainnet launch. Firstly, they’ve completed Know Your Customer (KYC) verifications for a multitude of pioneers, organized PiFest events to foster their ecosystem, and initiated discussions with various exchanges.

Read More

2024-12-12 16:26