Will Pi Network Price Reach $100 in This Bull Market?

Pi Network has erased some of the gains made last week as the recent rally in the crypto industry took a breather. Still, there are chances that the Pi coin will resume its rebound, and potentially hit $100 ahead of the mainnet launch.

Pi Network Price Prepares For the Mainnet Launch

The Pi Network IoU price will be on the spotlight after the recent successful PiFest event and the upcoming ending of the KYC verification of pioneers. 

In a recent statement, Pi’s developers said that over 27,000 sellers registered in the Map of Pi during the recent PiFest event. Map of Pi is a dApp in its ecosystem that enables sellers accepting the Pi coin to register themselves. 

PiFest was a big success for Pi Network

These numbers mean that the coin is getting popular among sellers, a move that could make it a better cryptocurrency compared to Bitcoin in terms of shopping. It also means that the developers have achieved one of the three conditions that needs to happen ahead of the mainnet launch. This condition calls for the network to have an ecosystem that will give the Pi coin utility. 

The other condition is that the developer needs to complete the KYC verification of all miners, a process that has accelerated in the past few months. The grace period of this process will complete on November 30. 

Additionally, with cryptocurrencies being in a strong bull run, the third condition of a friendly environment has been met. Therefore, there is a likelihood that the Pi mainnet launch will happen as soon as in December. 

Pi Coin Analysis: Will It Hit $100?

The Pi Coin IoU, which is not associated with the Pi project, jumped to $100 in October as anticipation of the mainnet launch. It then suffered a harsh reversal and bottomed at $44.95 on November 12. This decline was notable because its lower side was slightly above the 100-day moving average, which explains why the coin has bounced back.

Pi Network’s rebound also happened a few weeks after it formed a golden cross as the 200-day and 50-day moving averages crossed each other. 

PiFest was a big success for Pi Network

Pi Network price

The current retreat happened after the coin rose to the extreme overshoot of the Murrey Math Lines. Therefore, with the rising expectation of an upcoming mainnet launch, there are chances that the Pi coin price will bounce back, and potentially retest the important resistance at $100. A break above that level will raise the odds of the coin rising to the year-to-date high of $122.05. 

On the flip side, a drop below the top of the trading range at $56.25 will invalidate the bullish view, and raise the odds of it falling to $45, its lowest level this month.

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