Pi Network has erased some of the gains made last week as the recent rally in the crypto industry took a breather. With Bitcoin edging closer to $100k, there are chances that altcoins, including Pi coin, will rebound. With this bullish outlook, will Pi Network Price hit $100? Will the crypto’s mainnet launch help propel it to triple-digit territory?
Can Pi Network Price Hit $100 Ahead of Mainnet Launch?
Investors anticipate if Pi Network price will touch the $100 after the recent successful PiFest event and the upcoming ending of the KYC verification of pioneers. Additionally, Pi’s developers said that over 27,000 sellers registered in the Map of Pi, which is a dApp that enables sellers accepting the Pi coin to register themselves.
These numbers mean that the coin is getting popular among sellers, a move that could make it a better cryptocurrency compared to Bitcoin in terms of shopping. It also means that the developers have achieved one of the three conditions that needs to happen ahead of the mainnet launch. This condition calls for the network to have an ecosystem that will give the Pi coin utility. The other condition is that the developer needs to complete the KYC verification of all miners, a process that has accelerated in the past few months. The grace period of this process will complete on November 30.
With these bullish conditions serving as tailwind coupled with the bullish cryptocurrency outlook, it is likely that Pi Network price could hit $100. Let’s see what PI’s technical analysis has to say about this target.
Pi Coin Price Analysis: Is $100 Possible?
The Pi Coin price aka IoU, which is not associated with the Pi project, jumped to $100 in October as anticipation of the mainnet launch. It then suffered a harsh reversal and bottomed at $44.95 on November 12. This decline was notable because its lower side was slightly above the 100-day moving average, which explains why the coin has bounced back.
Pi Network’s rebound also happened a few weeks after it formed a golden cross as the 200-day and 50-day moving averages crossed each other.
The current retreat happened after the coin rose to the extreme overshoot of the Murrey Math Lines. Therefore, with the rising expectation of an upcoming mainnet launch, there are chances that the Pi coin price will bounce back, and potentially retest the important resistance at $100. A break above that level will raise the odds of the coin rising to the year-to-date high of $122.05.
On the flip side, a drop below the top of the trading range at $56.25 will invalidate the bullish view, and raise the odds of it falling to $45, its lowest level this month.
Frequently Asked Questions (FAQs)
There are chances that the coin will bounce back ahead of the mainnet launch, which is expected to happen in December this year. If this happens, the coin may retest the key resistance at $100, its highest point last month.
No. Pi coin is not associated with the real project and is not an indicator of what will happen when the mainnet launch happens.
It is unlikely that the Pi Coin will do well after the mainnet launch as evidenced by the recent crashes of Hamster Kombat and Notcoin.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-pi-network-price-reach-100-in-this-bull-market/
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