- PI Network has been on a bullish spree with the asset surging by 70%. Technical indicators have revealed that the digital asset is on the verge of hitting the $100 price level.
- While the Pi Network’s mainnet launch is anticipated for 2024, delays in KYC verification and insufficient applications may push the timeline to 2025.
Pi Network has captured heightened attention from investors due to its bullish rally. Notably, the digital asset has surged by almost 100% from its lowest market price level this year.
Evidencing its bullish momentum, the PI coin is swapping hands with $54.91 marking a 5.49% surge in the past 24 hours. Additionally, the digital asset which currently holds a market cap of $3.73B has also recorded increments’ of 8.34% and 70% in the past week and year respectively.
This bullish spree has ignited heightened speculations that the digital asset may soon attain the $100 price level. This comes after conjectures that the network’s mainnet may be launched this year. Notably, Pi Network’s developers have repeatedly suggested that the mainnet launch would occur this year but there is a catch.
An important juncture for the mainnet launch is the successful completion of automated KYC verification by the majority of pioneers. Given that this process commenced several months ago and is scheduled to conclude by the end of the year, there is a possibility that the mainnet launch may be postponed to 2025.
Nevertheless, technical indicators have bolstered this dream of PI is on the verge of hitting the $100 mark.
PI Network Technical Indicators
Earlierreports had revealed bearish patterns as per data from several factors including the rising wedge and bearish pennant. However, the trend changed on November 24th, the cryptocurrency soared to a multi-month high of $68.80, fueled by a strong bounce off the crucial 200-day Exponential Moving Average.
According to data from Murrey Math Lines, In addition to the 200-day EMA, Pi Coin has found suport at the bottom of its trading range.
Moreover, the coin has also consistently remained above an ascending trendline connecting the lowest points since September 20th. These technical indicators collectively suggest that Pi Network may continue its upward momentum.
Currently, PI coin faces a $68, a successful breakout above this level could see PI coin target the $75 price mark. Hopefully, the positive rally persists could see the digital asset test a critical resistance level at $91.83.
Will the Pi Network mainnet launch happen this year
Additionally, while there are over 60 applications, the target of 100 mainnet-ready apps to provide utility to Pi coin might not be met by the end of 2024.
