The Pi Network has been making significant strides this year, primarily fueled by anticipation surrounding its upcoming mainnet launch. The coin’s value has surged by 80%, despite experiencing increased volatility over the past two months. Recent technical indicators suggest that Pi’s price could potentially triple in the near future.
A Bullish Outlook
The Pi Network’s price chart has been a rollercoaster ride, with the coin starting the year at $33 and peaking at $122.04 in March. A subsequent decline to $29.3 in September was followed by a parabolic rise to nearly $100 in November. While Bitcoin’s performance and ongoing KYC verification have played a role in this price action, technical analysis offers a more nuanced perspective.
A closer look at the daily chart reveals a series of higher highs and higher lows, a classic sign of an uptrend. The weekly chart reinforces this bullish sentiment, with the coin hovering above the middle line of a regression channel and slightly below the key resistance level of $63.
Technical Indicators Point to Upside
The Awesome Oscillator (AO) indicator, which measures an asset’s momentum, has crossed above the zero line, a bullish signal. Additionally, the Relative Strength Index (RSI), a popular momentum indicator, has moved above the 50 level, further supporting the bullish outlook.
A potential bullish breakout could propel Pi’s price to its year-to-date high of $130, and even higher to its all-time high of $184. This target, approximately three times the current price, is supported by both technical analysis and the size of the regression channel.
Mainnet Launch as a Catalyst
The upcoming mainnet launch is a significant catalyst that could further drive Pi’s price. This event will mark the transition from an enclosed network to a fully functional mainnet, enabling users to interact with Pi and sell their coins.
With the KYC verification process nearing completion on December 31st and other essential details for the launch already in place, the stage is set for a potential mainnet launch in the near future. The growing Pi Network ecosystem and the bullish sentiment surrounding Bitcoin further strengthen the case for a positive price outlook for Pi.
Remember that the speed and throughput of a region’s progress in KYC and migration depend on the abundant availability, accuracy and responsible work by crowdsourced human Validators. Join forces to speed up the KYC and migration process in your region, and receive Pi for your…
— Pi Network (@PiCoreTeam) December 11, 2024
While the technical indicators are bullish, it’s important to note that the cryptocurrency market is inherently volatile. Investors should conduct thorough research and consider consulting with financial advisors before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Pi Network: Will Pi Coin Reach $3.14 and Achieve $26 Billion Market Cap? – What You Need to Know
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