Cryptocurrency prices have rebounded after a sharp decline in the first two days of the week due to Bitcoin’s recovery rally. Some altcoins have seen a huge comeback and Pi Network price has also risen sharply in the past two days. If this enthusiasm and momentum continues ahead of the upcoming mainnet launch, Pi Network price could touch $100 this year, tech experts suggest.
Pi Network Price Analysis: Chart Pattern Points to Move to $100
Pi coin price surged to $100 in November as hopes of a mainnet launch rose. It then retreated and erased most of the gains, falling below $45 and then back to $91.60 in the last week of the month.
Technical advice suggests that the possibility of returning to $100 cannot be ruled out. Pi Network is consistently above the ascending trendline that connects the lowest swings since October this year. It has made a few false breakouts below that line, a sign that bears are afraid of shorting below that price.
The Pi Network is also above the 100-day exponential moving average (EMA). Attempts to move below that level have also failed, meaning there is still more bullishness to come.
The Pi coin price has also found support at the key S&R pivot point of the Murray Math line. Therefore, the token is likely to rise to $100 if the crypto bull run continues.
Further gains at $100 will be secured if it breaks through various resistance levels. It will need to move above this month’s high of $70, which also coincides with the weak S&R level. The coin’s base price needs to rise above $91.60, its high of November 23. This price also coincides with the extreme overshoot level of the Murray Math line.
If the price of Bitcoin keeps increasing, it is expected to continue its upward trend.
A drop below the 100-day moving average and the ascending trendline will invalidate the bullish view and point to a worse direction.
Pi Coin Mainnet Launch Will Be the Catalyst
The key catalyst for Pi Network’s price to hit $100 will be the upcoming mainnet launch, which is expected to happen this month or early January.
Its mainnet launch is where Pi Network will exit the current closed mainnet and allow pioneers to convert their coins to fiat. It will also allow access to apps that were created and tested during the restricted mainnet phase.
The developers and the community are working together to get everything ready for the launch of the main network. For one, they have already conducted a KYC verification on millions of pioneers, launched PiFest events to grow its ecosystem, and started discussions with exchanges.
Frequently Asked Questions (FAQs)
1. Can Pi Network price hit $100?
Yes, technical suggest that the Pi Network token could rally and hit the crucial resistance level at $100.
2. What will trigger the rise in the value of Pi Coin?
The main catalyst for the Pi Network rally will be the hype surrounding the upcoming mainnet launch and the ongoing crypto bull run.
3. How high can the Pi token rally go?
The Pi Network price will rise, potentially to $100. If this happens, the coin could rally and reach a high of $110, the highest level this year.
