Pi Network’s price is experiencing a resurgence after finding crucial support at the 200-day Exponential Moving Average (EMA), sparking optimism among investors. With the countdown to the Pi Coin mainnet launch set for early next year, could the price soar to $100? Let’s explore the technical indicators and market forces behind this potential rally.
Pi Network Price Stabilizes at Critical Support
After facing a prolonged downtrend, Pi Network’s price found stability at the 200-day EMA, a key technical indicator that often signals the price’s potential for reversal. Since October 12, the coin has struggled to dip below this level, creating a solid foundation for a price recovery. Additionally, Pi Coin has held firm at the bottom of its trading range, marked by the Murrey Math Lines, and has managed to stay above an ascending trendline formed from the lowest swings since September 20. These factors suggest that Pi Coin could be setting up for further gains in the near term.
On November 24, Pi Network surged to its highest level in recent months, peaking at $68.80. Since then, the coin has shown resilience, bouncing back from earlier declines. This recovery points to a growing likelihood that the Pi price could continue to climb. The initial target for the next move is the high of $68 on December 8. A successful break above this level would open the door to $75, followed by the critical resistance level at $91.83.
The $100 Target: Is It Achievable?
A move above $91.83 would bring the coveted $100 price target into view. Reaching this milestone would represent a 75% increase from the current price, a significant rally that many Pi Network enthusiasts are hoping for. However, this surge is contingent on several factors aligning, including market conditions and continued support at the key technical levels.
If Pi Network continues to find support at the 200-day EMA and breaks through resistance levels like $75 and $91.83, the odds of hitting $100 will increase. However, if the price falls below the $44.32 mark (the 200-day moving average), the bullish outlook could be invalidated, sending the coin back to lower levels, possibly as low as $29.27.
Pi Coin’s Mainnet Launch and Growing Utility
One of the primary reasons for the renewed optimism in Pi Network is the approaching mainnet launch. The countdown is intensifying, as the KYC (Know Your Customer) verification process nears its December 31 deadline. As of now, over 7.2 million accounts have been verified, and the project is targeting 10 million verifications before the launch. This milestone is crucial, as the developers have stated that the mainnet will only go live when at least 10 million users are verified, the market is favorable, and the coin has sufficient utility.
The Pi Coin mainnet launch is expected to trigger increased interest in the coin, especially as it gains more utility through a growing number of businesses willing to accept it. Additionally, if the coin is listed on major exchanges like Binance, Coinbase, and OKX, it could see a significant price boost as new investors and traders gain access to it.
Conclusion
Pi Network’s price is currently showing strong signs of support, and with the mainnet launch on the horizon, the conditions for a price surge are favorable. While the $100 mark remains a lofty target, the combination of technical support, KYC milestones, and growing utility could propel Pi Coin toward this level in 2024. However, traders should watch key technical levels closely, as a drop below the 200-day EMA would likely reverse the bullish momentum.
