Pi Network Price Finds Crucial Support: Can It Rise To $100?

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As a seasoned researcher with over two decades of experience in the crypto market, I have seen my fair share of bullish and bearish trends. The recent resurgence of Pi Network price has caught my attention, especially considering its potential to reach $100 this year.

As a crypto investor, I’ve noticed an encouraging sign: The Pi Network price on HTX has stabilized at its 200-day moving average, hinting at a possible resurgence before the KYC verification deadline on December 31. Given this development, could we witness a significant jump in the Pi Coin IoU price to reach $100 by year’s end?

Pi Network Price Analysis: Technicals Point To More Gains

Previously, our Pi coin price forecast assumed a continued downward trend based on bearish pennant and rising wedge patterns. However, contrary to expectations, the coin unexpectedly bounced back and reached an all-time high of $68.80 on November 24, marking its highest level yet.

As a crypto investor, I’ve noticed an uptick in the price of Pi Network. This resurgence can be attributed to its strong foundation at the 200-day Exponential Moving Average (EMA). Unfortunately, it hasn’t been able to turn this support into resistance since October 12 of this year.

1) The coin’s value has likewise been bolstered near the base of its trading band according to Murray Math Lines. Furthermore, it hasn’t been able to drop beneath the upward-sloping trendline that links the most recent low points since September 20th.

As an analyst, I am speculating that the Pi Network’s upward trend may persist, with a potential first milestone being the reestablishment of the previous high at approximately $68, reached on December 8. Should the price surpass this threshold, the next significant barrier for growth could be the $75 level.

As a researcher examining the dynamics of Pi’s price movement, I foresee an elevation in the likelihood of Pi reaching $100 if it exhibits a surge and transcends the significant resistance level at $91.83, its peak in November. Achieving $100 would signify a substantial 75% increase from the present levels.

Instead, if the price falls below the 200-day moving average at $44.32, it would contradict the bullish outlook and decrease the likelihood of the coin reaching $100. In such a case, Pi Network’s value might drop to approximately $29.27.

Pi Coin Mainnet Launch Ahead

The primary cause for a potential increase in Pi Coin’s price is the impending launch of their main network.

It’s increasingly likely that the launch will take place sooner next year, given the KYC verification deadline falls on December 31st. So far, more than 7.2 million accounts have been verified, leaving approximately 2.8 million to be processed to meet the goal of 10 million.

The developers have stated that they will only initiate the mainnet launch when three conditions are met: first, at least 10 million user accounts must be verified; second, the market environment should be favorable; and third, there should be sufficient demand or use for the digital coin.

The goal for Know Your Customer (KYC) is attainable, given the current positive market trend, where Bitcoin and other cryptocurrencies show a steady increase. Moreover, it’s worth noting that there are indications suggesting that Pi Coin may gain practical use as more businesses register to accept it.

Supporters of Pi Network are eagerly anticipating its listing on well-known platforms such as Binance, Coinbase, and OKX, which they believe will contribute to a rise in the coin’s value.

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2024-12-09 16:07