The Pi Network (PI) is drawing increasing attention from investors, thanks to its recent price rebound and technical indicators pointing toward potential gains. After finding crucial support at the 200-day Exponential Moving Average (EMA), Pi Network’s price has demonstrated strong resilience, sparking speculation that the cryptocurrency could reach the coveted $100 mark in the near future. As the much-anticipated mainnet launch approaches, all eyes are on Pi Network to see if it can maintain its momentum and achieve significant milestones.
Technical Indicators: A Strong Rebound
Pi Network’s price has recently bounced back after testing the 200-day EMA, a key support level for many cryptocurrencies. Since October 12, the coin has consistently held above this level, signaling strength and stability. Moreover, the price remains above an ascending trendline established since September 20, reinforcing its bullish outlook.
Currently trading around $68.80, Pi Network is eyeing its December 8 high of $75.83 as the next major resistance point. If this level is surpassed, Pi could target its November peak of $91.83. In this case, a surge to $100 could become a real possibility—a potential 75% gain from current levels. However, should the price drop below $44.32, this bullish scenario would be invalidated, with the next support level at $29.27.
Key Drivers: Mainnet Launch and User Growth
The upcoming mainnet launch is one of the most significant factors driving Pi Network’s price action. Set for early next year, the launch is contingent on meeting several milestones, including verifying 10 million users through the Know Your Customer (KYC) process. As of now, more than 7.2 million users have been verified, with approximately 2.8 million left to meet the target by December 31. If the verification process stays on track, the mainnet launch could serve as a powerful catalyst for further price growth.
Also Read: Pi Network News: Can It Meet December 31 KYC Deadline for Open Network Launch?
Growing Utility and Exchange Listings
As the Pi Network continues to grow, its utility is expanding as well. More businesses are registering to accept Pi as a form of payment, signaling increasing adoption. Furthermore, there is mounting speculation that major cryptocurrency exchanges such as Binance and Coinbase may soon list Pi Network. A listing on these platforms could significantly boost Pi’s visibility, market liquidity, and overall value.
Conclusion: Pi Network Poised for Growth in 2024
With its mainnet launch on the horizon and technical indicators showing strength, Pi Network is positioned for an exciting year ahead. The potential for the price to hit $100 hinges on maintaining its bullish momentum and breaking key resistance levels. As the Pi Network community grows and adoption increases, this emerging cryptocurrency could be one to watch in 2024.
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.
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