Pi Network price has had a great run this year as anticipation of the upcoming mainnet launch happened. The coin has risen by 80% even though its volatility has increased significantly in the past two months. Technicals suggest that the Pi coin price could explode higher or even triple in the coming months.
Pi Network Price Chart Points To More Gains
The Pi coin price IoU has had an eventful performance this year. It initially started the year at $33 and then surged to $122.04 in March as the crypto bull run intensified after the approval of spot Bitcoin ETFs. It then retreated and bottomed at $29.3 in September and went parabolic to near $100 in November.
Jasmy then crashed and bounced back to $90. This price action happened mostly because of the performance of Bitcoin, the biggest crypto in the industry. It also happened as the Know Your Customer (KYC) verification continued.
Technicals suggest that the Pi Network price has more upside as we predicted last week. In that article, we looked at the daily chart, which showed that it was forming a series of higher highs and higher lows.
The weekly chart shows that the coin has been in a steady uptrend and is now hovering slightly above the middle line of the regression channel. It is also slightly below the key S/R level at $63.
Also, the Awesome Oscillator indicator has moved above the zero line. The AO is a popular indicator that measures an asset’s momentum by comparing the current momentum and the onger one. An AO above the zero line is seen as a bullish sign.
The Relative Strength Index (RSI), a popular momentum indicator, has also moved above 50. Therefore, a bullish breakout could see it rise to the year-to-date high of $130, followed by the all-time high of $184, which is about 3x higher than the current level. In addition to this target being the Pi coin’s all-time high, it is also identified by measuring the size of the channel and measuring it from the upper side of the trendline.
The stop-loss of this trade is at $35. A drop below that level will point to more downside, potentially to the next support at $25.
Pi Coin Mainnet Launch Ahead
The main catalyst that may drive the Pi coin price higher is an announcement on when the mainnet launch will happen. The mainnet launch will essentially move Pi from an enclosed mainnet to a full mainnet where users can interact with it. It also means that Pi holders will be able to sell their coins.
Odds are that the complete mainnet launch will happen soon since the KYC verification will end on December 31st. The other details needed for the launch have also happened. For example the Pi Network ecosystem has grown, while the external environment is doing well, with Bitcoin price being in a strong uptrend.
The post This Pattern Hints Pi Network Price Could More Than Triple appeared first on CoinGape.
