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

The Pi Network price on HTX has found crucial support at the 200-day moving average, pointing to a potential comeback ahead of the KYC verification deadline on December 31. So, can the popular Pi Coin IoU price surge to $100 this year?

Pi Network Price Analysis: Technicals Point To More Gains

In our last Pi coin price analysis, we predicted that it would continue its downtrend because of the bearish pennant and the rising wedge patterns that were forming. This prediction did not work out as the coin rebounded and hit a high of $68.80, its highest level on November 24.

Pi Network price bounced back because it has found strong support at the 200-day Exponential Moving Average (EMA). It has failed to flip that support since October 12 of this year. 

The coin has also found support at the bottom of trading range of the Murrey Math Lines. It has also failed to move below the ascending trendline that connects the lowest swings since September 20th. 

Therefore, there is a possibility that the Pi Network price will continue rising, with the initial target being the December 8 high of $68. A break above that level will bring the ultimate resistance level at $75 into view. 

The odds of Pi price rising to $100 will rise when it surges and moves above the important resistance level at $91.83, its highest level in November. A move to $100 would imply a 75% increase from the current level.

Pi Network Price Chart

Conversely, a drop below the 200-day moving average at $44.32 will invalidate the bullish view and reduce the odds of the coin rising to $100. Pi Network will then drop to $29.27 if that drop happens.

Pi Coin Mainnet Launch Ahead

The main reason why the Pi Coin price may bounce back is that the developers are gearing towards the mainnet launch. 

There are rising odds that this launch will happen earlier next year since the deadline for the KYC verification will be on December 31st. Data shows that over 7.2 million accounts have been verified, with about 2.8 million to go to get to the 10 million target.

According to the developers, the mainnet launch will only happen if at least 10 million users are verified if the market is conducive, and if there is enough utility for the coin. 

The KYC target is achievable, while the market is doing well, with Bitcoin and other coins being in an upward trajectory. Also, there are signs that the Pi coin wll have utility as the number of registered businesses to accept the coin is rising.

Pi Network’s fans are hoping that the coin will be listed by mainstream exchanges like Binance, Coinbase, and OKX, a move that will push it higher. 

Frequently Asked Questions (FAQs)

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.