Cryptocurrency prices crawled back after falling sharply in the first two days of the week due to Bitcoin’s recovery rally. Some altcoins saw a massive comeback and Pi Network price has also risen sharply in the past two days. If this enthusiasm and momentum sustains ahead of the upcoming mainnet launch Pi Network price could hit $100 this year, technicals suggest.
Pi Network Price Analysis: Chart Patterns Point to a Move to $100
Pi coin price jumped to $100 in November as hopes of the mainnet launch rose. It then retreated and erased most of those gains, bottomed at $45 and then bounced back to $91.60 in the final week of the month.
Technicals suggest that a rebound back to $100 cannot be ruled out. Pi Network has constantly remained above the ascending trendline that connects the lowest swings since October this year. It has formed a few false breakdowns below that line, a sign that bears are afraid of shorting below that price.
Pi Network has also remained above the 100-day Exponential Moving Average (EMA). Attempts to move below that level have also failed, meaning that there are still more bulls remaining.
Pi coin price has also found support at the major S&R pivot point of the Murrey Math Lines. Therefore, there is a likelihood that the token will rise to $100 if the crypto bull run continues.
More gains to $100 will be confirmed if it crosses several resistance levels. It need to move above this month’s high of $70, which also coincides with the weak S&R level. The coin also needs to rise above the key price at $91.60, its highest level on November 23. This price also coincides with the extreme overshoot level of the Murrey Math Lines. Also, it will rise if the Bitcoin price continues rising.
A drop below the 100-day moving average followed by the ascending trendline will invalidate the bullish view and point to more downside.
Pi Coin Mainnet Launch Will Be The Catalyst
The main catalyst for the Pi Network price rally to $100 will be the upcoming mainnet launch, which is set to happen either this month or early January.
Its mainnet launch is where the Pi Network will exit the current enclosed mainnet and let pioneers to convert their coins to fiat. It will also open up apps that have been developed during the enclosed mainnet phase.
The developers and the community are working to make this mainnet launch a reality. For one, they have already done a KYC verification on millions of pioneers, launched PiFest events to boost its ecosystem, and started talks with exchanges.
The post Pi Network Price Prediction: Bullish Technicals Hint $100 Incoming appeared first on CoinGape.
