As the recent surge in the cryptocurrency industry slows, Pi Network has erased some of last week's gains. With Bitcoin nearing $100,000, altcoins including Pi Coin may rebound. In this bullish outlook, will Pi Network's price reach $100? Will the mainnet release help it achieve three digits?
Can the price of Pi Network reach $100 before the mainnet launch?
Investors are wondering if Pi Network's price will touch $100 after the recently successful PiFest event and the imminent completion of KYC verification for pioneers. Additionally, Pi's developers have stated that over 27,000 sellers have registered on the Map of Pi, a dApp that allows sellers accepting Pi Coin to self-register.
These numbers indicate that the token is becoming increasingly popular among sellers, which could make it a better shopping cryptocurrency than Bitcoin. This also signifies that the developers have achieved one of the three conditions that need to be met before the mainnet launch. This condition requires the network to have an ecosystem that provides utility for Pi tokens. Another condition is that developers need to complete KYC verification for all miners, a process that has accelerated in the past few months. The grace period for this process will end on November 30.
Driven by these bullish conditions and an optimistic cryptocurrency outlook, Pi Network's price is likely to reach $100. Let's see what PI's technical analysis suggests about this target.
Pi Coin Price Analysis: Could it Reach $100?
The price of Pi Coin (also known as IoU, not related to the Pi project) surged to $100 in October due to the anticipated mainnet release. Subsequently, the coin faced a sharp reversal, dropping to a low of $44.95 on November 12. This decline is notable as it dipped just above the 100-day moving average, which explains why the coin rebounded.
The rebound of Pi Network also occurred a few weeks after the 200-day and 50-day moving averages crossed each other, forming a golden cross.
The current pullback occurs after the token surged to an extreme overshoot of the Murrey Math Lines. Therefore, with the anticipation of the upcoming mainnet release rising, the price of Pi tokens may rebound and possibly retest the crucial resistance level of $100. A breakthrough at this level would increase the likelihood of the token rising to this year's high of $122.05.
On the other hand, if it breaks below the top of the trading range at $56.25, it will invalidate the bullish perspective and increase the likelihood of a drop to this month's low of $45.
