As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the current state of Pi Network. The recent pullback in Bitcoin seems to have triggered a domino effect among many altcoins, and Pi has been no exception.
The recent Bitcoin pullback has triggered a strong sell-off among many altcoins. Pi Network price has been one of the most affected as it crashed by 40% from this month’s high. So, why is the Pi coin falling and will it bounce back soon?
Pi Network Price Slips Amid Worrying Technicals
Over the past four days, the price of Pi Network has experienced a steady decline due to significant technical strain. It almost formed a chart pattern resembling a double-top, which typically features two high points and a horizontal line connecting them, known as the neckline. In this instance, it reached $91.69 on November 23, slightly lower than its previous peak of $99.
This design’s neckline, which dropped to $44.96 on November 12 (its lowest point), is often a favored bearish reversal chart pattern. If Pi coin falls below this neckline ($44.96), it will signal further price decreases in the future.
Conversely, if the trading volume propels the price beyond this month’s high of $91.70 and the prior peak at $99, it could result in a significant increase in value within the coming weeks.
Pi Network’s withdrawal followed the formation of an inverted hammer or a shooting star configuration. This pattern, established on November 23, is marked by a small head and a prolonged upper wick, and it’s often a signal of a potential price reversal.
On November 24, the price of Pi coin created a candlestick pattern resembling a doji, characterized by a minute body and extended upper and lower wicks. This doji, being bearish in nature, suggests potential downward movement. Furthermore, this doji has completed the three-crow formation, which is often interpreted as a sign of further price decreases.
Pi Coin Price Could Rebound Amid Mainnet Launch Hopes
Looking on the optimistic side, the price of Pi Network has consistently stayed over its 50-day Exponential Moving Average (EMA), indicating a possible recovery.
The cost of Pi could potentially rebound prior to the mainnet release. During this transition, the network shifts from a private to a public mainnet. This change will allow early adopters (pioneers) to liquidate their coins and engage in transactions within the system.
The significant landmark arrives on November 30: that’s when the grace period for Know Your Customer (KYC) verification concludes. This verification step plays a crucial role in our process as it decides the pioneers eligible to receive the coins.
A significant achievement in fostering a lively ecosystem is reached when more than 27,000 businesses are officially registered and prepared to utilize the coin.
Moreover, with Bitcoin expected to reach $100,000 and favorable market conditions, it seems opportune for our mainnet launch and an airdrop. The rationale behind this is that the coin could perform well during a crypto market uptrend, much like MemeFi whose price surged following its recent airdrop.
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2024-11-27 16:24