- The Pi Network price has rebounded strongly from the 200-day EMA, supported by technical indicators and anticipation of its mainnet launch, which depends on reaching a KYC verification target of 10 million users by December 31.
- If key resistance levels are breached, the price could rise to $100, fueled by growing utility and potential listings on major exchanges.
The Pi Network price is showing resilience as it finds critical support, sparking speculation about its potential to reach the $100 mark. With key technical indicators aligning favorably and the much-anticipated mainnet launch approaching, investors are paying close attention to this emerging cryptocurrency.
Technical Signals: Bouncing Back with Strength
The Pi Network price recently rebounded from the 200-day Exponential Moving Average (EMA), a crucial technical support level. Since October 12, the coin has consistently respected this support, bolstering optimism among traders. Additionally, the Pi price is holding strong above the ascending trendline established since September 20, further reinforcing its bullish momentum.
Currently trading near $68.80, the Pi Network is eyeing its December 8 high as the next target. Breaking this level could pave the way to its November peak of $91.83, with $100 becoming a realistic goal—a potential 75% gain from current levels. However, a drop below $44.32 would invalidate this bullish outlook, potentially pushing the price down to $29.27.
Driving Factors: Mainnet Launch and Market Sentiment
The ongoing countdown to the Pi Network’s mainnet launch is a significant catalyst for its recent price movements. Scheduled for early next year, this launch hinges on achieving three milestones: verifying 10 million users through KYC (Know Your Customer), favorable market conditions, and establishing utility for the coin.
To date, over 7.2 million users have been verified, leaving approximately 2.8 million more to meet the target by December 31. The momentum in verifications, coupled with an upward trend in broader cryptocurrency markets, enhances the likelihood of a successful launch.
Utility and Exchange Listings: A Bright Future?
The Pi Network’s utility is growing, with an increasing number of businesses registering to accept the coin for transactions. Additionally, speculation is rife that major cryptocurrency exchanges like Binance and Coinbase might list Pi Network in the near future, a move that could significantly boost its visibility and value.
Conclusion
The Pi Network is poised for an exciting chapter, with its price showing strength and the mainnet launch approaching. While technical indicators suggest potential gains, the path to $100 is contingent on breaking key resistance levels and maintaining market momentum. With a supportive community and growing adoption, the Pi Network remains a coin to watch as 2024 unfolds.