Looks Like Pi Coin is on the Up and Up, Closing Above Key Support and Eyeing a $100 Price Tag

Posted on by
Contents show
Looks Like Pi Coin is on the Up and Up, Closing Above Key Support and Eyeing a $100 Price Tag
Looks Like Pi Coin is on the Up and Up, Closing Above Key Support and Eyeing a $100 Price Tag

Looks Like Pi Coin is on the Up and Up, Closing Above Key Support and Eyeing a $100 Price Tag

Introduction: The Pi Coin Buzz is Real

If you’ve been paying attention to the crypto world, you’ve probably heard the chatter about Pi Coin (PI). From its mysterious beginnings to its massive community of users, Pi Network has kept everyone guessing. But here’s the kicker: Pi Coin hasn’t even officially hit the open market yet, and it’s already making waves.

Despite being in the testing phase since 2019, Pi Coin has caught the attention of major exchanges like Huobi and Bitmart, which are trading unofficial IOUs based on the token’s potential value. And now, after months of flirting with resistance levels, Pi Coin is showing signs of a major breakout, with analysts eyeing a $100 target. Is this the beginning of something big? Let’s break it down.

1. A Quick Background on Pi Network

What Makes Pi Network Unique?

Pi Network burst onto the scene in 2019 with a bold promise: to make cryptocurrency accessible to the masses. Unlike Bitcoin or Ethereum, which require energy-intensive mining rigs, Pi Coin can be mined from your smartphone. This user-friendly approach has attracted millions of users worldwide, all eager to earn Pi tokens by simply tapping their phones.

But here’s the catch: Pi Network is still in its enclosed mainnet phase, meaning its token isn’t freely traded on the open market yet. Instead, users can only trade Pi within the Pi ecosystem. While this has left many skeptical, it hasn’t stopped exchanges like Huobi and Bitmart from listing IOUs that represent Pi’s speculative price.

Why the Hype Around Pi Coin?

The hype around Pi Coin isn’t just about mining convenience. It’s about potential. With a massive user base, a unique approach to crypto adoption, and now a technical breakout above key resistance levels, the coin is starting to look like more than just a speculative play. Let’s dive into the numbers.

2. Recent Price Movements: The $50 Resistance Breakout

October’s Surge: What Changed for Pi?

For months, Pi Coin’s price had been stuck beneath a stubborn $50 resistance level. Every time the price approached this mark, sellers would push it back down, creating a frustrating ceiling for traders. But in October 2024, something shifted.

After months of slow upward movement, Pi Coin finally broke through the $50 barrier. This wasn’t just a fluke—it was a decisive breakout that signaled a potential long-term bullish trend. Since then, the price has continued to climb, with analysts pointing to $62 as the next key level of support.

A Look at Support Levels

Support levels are like the safety nets of the crypto world. They represent price points where traders are likely to step in and buy, preventing the price from falling further. For Pi Coin, the $50 level has now flipped from resistance to support, giving bulls a solid foundation to build on.

3. Technical Analysis: The Charts Don’t Lie

Weekly Time Frame: A Bullish Picture Emerges

When you zoom out to the weekly time frame, the bullish case for Pi Coin becomes even clearer. Since April 2023, the coin has been climbing steadily along an ascending support trend line. While there was a brief scare in September when the price dipped below this trend line, it quickly bounced back, reclaiming its upward momentum.

This bounce wasn’t just a recovery—it was a springboard that propelled Pi Coin past the $50 resistance level in October. Now, with the $50 level acting as support, Pi is eyeing its next target: $100.

Key Indicators: RSI and MACD

If you’re not familiar with technical indicators, don’t worry—I’ll keep it simple:

  • Relative Strength Index (RSI): This measures whether a coin is overbought or oversold. For Pi Coin, the RSI is currently above 50, which is a bullish signal indicating strong buying momentum.
  • Moving Average Convergence Divergence (MACD): This shows the relationship between two moving averages and helps identify trend changes. Pi Coin’s MACD is moving upward, another sign of bullish momentum.

In plain English, both of these indicators suggest that Pi Coin is in a strong position to keep climbing.

Short-Term Trends: What the Daily Chart Tells Us

While the weekly chart gives us the big picture, the daily time frame provides a closer look at recent movements. And here’s the good news: the daily chart is just as bullish as the weekly one.

Pi Coin recently broke out from a short-term descending resistance trend line, signaling a shift in momentum. It also moved above the $62 resistance level, which now acts as another layer of support.

Just like on the weekly chart, the RSI and MACD on the daily chart are both flashing bullish signals. The RSI is above 70, indicating strong buying pressure, while the MACD has made a bullish cross—another sign that the uptrend is likely to continue.

4. What’s Next for Pi Coin?

The $100 Target: How Realistic Is It?

With Pi Coin finally breaking out of its long-term resistance levels, the next big question is: Can it hit $100? Based on the technical analysis, the answer seems to be yes. Here’s why:

  1. Strong Support Levels: With $50 and $62 now acting as support, Pi Coin has a solid base to build on.
  2. Bullish Indicators: Both the RSI and MACD are pointing upward, suggesting that the current uptrend has room to run.
  3. Market Momentum: Crypto markets thrive on hype, and Pi Coin has plenty of it. As more traders pile in, the buying pressure could push the price higher.

Of course, nothing is guaranteed in the world of crypto. But if Pi Coin can maintain its current momentum, $100 is definitely within reach.

Beyond $100: The Long-Term Outlook

While $100 is the immediate target, some analysts are already looking further ahead. The next major resistance area is near 4100, a level created by the wick highs of the past two years. While this might seem like a distant goal, remember that crypto markets can move fast—especially when a coin gains mainstream attention.

5. Risks and Disclaimers: What You Need to Know

Before you get too excited, let’s take a moment to talk about the risks. Cryptocurrency is volatile, and Pi Coin is no exception. While the technical indicators are bullish, there’s always the possibility of a sudden reversal.

It’s also worth noting that the IOUs being traded on exchanges like Huobi and Bitmart are not officially backed by the Pi Network project. This means you’re essentially betting on the future value of a coin that hasn’t even hit the open market yet.

As always, do your own research and never invest more than you can afford to lose.

6. Wrapping It All Up: Is Pi Coin Worth Watching?

To sum it all up, Pi Coin is shaping up to be one of the most exciting stories in crypto right now. With a massive user base, a unique approach to mining, and now a bullish breakout above key resistance levels, the coin has plenty of potential.

Whether you’re a long-term believer or just looking to ride the wave, Pi Coin’s journey to $100 is one to watch. But remember: investing in crypto is never without risks, so tread carefully.

That’s it for now, folks. Keep your eyes on Pi Coin—it’s got the momentum, the hype, and the technicals to make a big splash. Are you ready to see where it goes next? Let’s find out together.

Click here to Join Pi and start mining Pi coin

Disclaimer:

This article is for informational purposes only and should not be considered financial advice. The crypto market is unpredictable, and past performance doesn’t guarantee future results. If you’re thinking about investing, consult a financial advisor to make sure it’s the right move for you.

Read Also: