As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent sell-off of Pi Network has left many investors questioning its potential to surge back to $100.
Over the weekend, the price of Pi Network saw a decline following the extension of the KYC verification deadline set by developers and as many cryptocurrencies experienced a drop. Consequently, the Pi coin is now 52% lower than its peak in October. Let’s consider if there’s potential for the coin to rebound to $100 after this downturn.
Can Pi Network Price Surge to $100 After Brutal Sell-off?
On November 23rd, the price of Pi Network experienced a significant drop following its peak at $91.78. This downturn stood out because it occurred during a time when the market was looking forward to the conclusion of the KYC verification period for pioneers.
The price of Pi coin dropped following its formation of a double peak pattern near the $92 ceiling. This pattern occurs when an asset has difficulty breaking through a certain level, and it’s defined by two high points. The supporting line for this pattern was around $45.
On a day-to-day chart analysis, Pi Coin’s value has fallen beneath the lower boundary of Andrew’s pitchfork indicator, suggesting that bears are currently dominating the market. Additionally, it has dipped below the significant support point at $49.88, which was its peak swing on July 13th, implying potential downward pressure.
As a researcher analyzing the cryptocurrency market, I’ve observed that Pi Coin appears to be forming a bearish pennant – a unique combination of a straight line followed by a triangle-like pattern. Historically, this configuration is often associated with one of the most bearish trends in the market, suggesting potential downward price movements.
Based on current trends, it appears that the coin may keep falling over the next few days. This prediction would be supported if the coin falls below its 100-day moving average at approximately $47.95. If this occurs, the next possible drop could take it down to $29.42 – a level last seen in September this year.
Conversely, if the Pi Network price surges beyond the significant resistance level at $62.83, which was its peak on November 11, it would contradict the bearish outlook. In such a scenario, there’s a possibility that the Pi Network price could soar to $100 by the end of this month.
Pi Coin’s KYC verification extended
The decrease in the Pi Network’s price may be due to the lowered chances of a mainnet launch happening this year. In an update on their platform, the developers mentioned that they are extending the deadline for pioneers to verify themselves from November 31 to December 31.
The developers mentioned that the deadline for the mainnet checklist falls on the same day, implying that the eagerly anticipated mainnet launch won’t take place this year, contrary to their promise.
Beyond just KYC confirmation, the developers aim for a mainnet launch when market conditions are favorable. They also strive to establish ample utility within the system. In the latest PiFest event, the network saw approximately 27,000 merchants sign up, ready and eager to transact with Pi coins.
The mainnet launch for Pi Network is significant as it enables miners, who have been accumulating the digital coin, to convert their holdings into traditional, or fiat, currencies.
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2024-12-02 14:28