- Pi Network Price Shows Promise Ahead of Mainnet Launch: Can Pi Coin Surge to $100?
Pi Network’s price has found crucial support at the 200-day Exponential Moving Average (EMA) on HTX, hinting at a potential rebound as we approach the KYC (Know Your Customer) verification deadline on December 31. With growing excitement surrounding the Pi Coin mainnet launch, the question arises: Can Pi Coin’s price surge to $100 this year?
Pi Network Price Analysis: Technical Indicators Signal a Comeback
In previous price analyses, bearish patterns like the rising wedge and bearish pennant suggested that Pi Coin might continue its downtrend. However, recent price action has defied this expectation. On November 24, Pi Coin soared to $68.80, its highest point in recent months, thanks to a strong bounce off the 200-day EMA. This level has provided substantial support since October 12, marking a key turning point for the coin.
Alongside the 200-day EMA, the coin has found support at the bottom of its trading range, as indicated by Murrey Math Lines. Additionally, Pi Coin has remained above an ascending trendline that connects the lowest points since September 20. These technical factors suggest that Pi Network could continue its upward trajectory, with initial resistance at $68. A breakout above this level would bring $75 into focus, followed by $91.83 as a critical resistance level.
The real question is whether Pi Coin can climb to $100. A surge past $91.83 would significantly improve the chances of reaching $100, implying a 75% increase from current levels. On the flip side, if Pi Coin drops below the 200-day EMA at $44.32, this bullish outlook would be invalidated, with the price potentially falling to $29.27.
Mainnet Launch and KYC Verification Deadline Drive Optimism
The recent price rally is closely tied to anticipation surrounding Pi Network’s upcoming mainnet launch. The developers have set a deadline for KYC verification on December 31, with over 7.2 million accounts verified out of the 10 million target. This milestone is crucial for the mainnet launch, which is expected to take place early next year if market conditions are favorable.
Ongoing $PI migration, 2.8M more to go target atleast 10M. Let's go! 🔥@PiCoreTeam @jatingupta0003 @Edwin2199@pichainmall @pi2team @PiNetwork24X7@Koreanteacher1 #PiNetwork #Migration pic.twitter.com/pYw8btUn7o
— $ICE Josh 🧊🔥 (@elis19826) December 6, 2024
The increasing number of businesses willing to accept Pi Coin further strengthens the case for its long-term viability and utility. Fans are also hoping that major exchanges like Binance, Coinbase, and OKX will list Pi Coin, which could trigger another surge in its price.
As the countdown to the KYC deadline continues, all eyes are on Pi Network’s next moves. If the coin can break through key resistance levels, a $100 price point may no longer be a distant dream.
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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