Pi Network (PI) has recently captured the attention of investors with a strong price rebound. Technical indicators suggest that the cryptocurrency’s upward trajectory may continue, with the potential for substantial gains.
Technical Analysis: A Strong Foundation
Pi Network has demonstrated resilience by finding support at the crucial 200-day Exponential Moving Average (EMA). This technical indicator is often used to identify long-term trends, and its support for Pi suggests a bullish sentiment. Additionally, the cryptocurrency remains above an ascending trendline formed since September 20, further reinforcing the upward momentum.
At the time of writing, PI was trading at $68.80. The next significant resistance level is at $75.83, representing the December 8 high. If Pi successfully breaks through this level, the next target could be the November peak of $91.83. A break above this level could potentially propel Pi towards the coveted $100 mark, representing a 75% increase from current levels. However, it’s important to note that a decline below $44.32 could invalidate the bullish momentum, with the next support level at $29.27.
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… pic.twitter.com/48WvZmp2OT
— Mr Spock 𝛑 (@MrSpockApe) December 10, 2024
Growing Utility and Exchange Listings
One of the primary factors driving Pi’s price action is the highly anticipated mainnet launch, scheduled for early next year. The launch is contingent on completing the Know Your Customer (KYC) process for 10 million users. As of now, over 7.2 million users have been verified, leaving 2.8 million to meet the target by December 31.
If the KYC process remains on track, the mainnet launch could significantly boost Pi’s price. Additionally, the growing utility of Pi is another positive factor. More businesses are accepting Pi as a form of payment, increasing its adoption rate. Speculation is also rife that major cryptocurrency exchanges like Binance and Coinbase may list Pi soon. Such a listing would significantly increase Pi’s exposure and liquidity, potentially accelerating its price appreciation.
Also Read: Pi Network Update, Is Binance Listing Pi Coin This Year?
With the mainnet launch on the horizon and growing adoption, Pi Network is poised for an exciting 2024. If the current bullish momentum persists, breaking key resistance levels could propel the cryptocurrency to new heights. However, investors should exercise caution and conduct thorough research 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.
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