Today we are talking about Pi Network, one of the interesting cryptocurrencies that has caught attention recently with its price movements and community performance. This coin has a wide fan base, especially among miners who started mining it since the launch of the project via the smartphone app.
Currently, the price of Pi Network coin is about $1.41, ranking 11th in market capitalization.
Market Cap: $9.78 billion.
Daily trading volume (24h Volume): $480 million.
Recent drop rate: 2%.
Can Pi coin reach astronomical numbers?
Many Pi coin holders aspire to see prices as high as $100 or $300, but it is important to be realistic. Despite good liquidity and a high market cap, reaching these prices in the near term is considered far-fetched.
In financial markets, especially cryptocurrencies, there is a simple equation: the higher the circulating supply, the harder it is for the price to rise to astronomical levels. Therefore, realistic forecasts suggest that the coin could reach $10 or $20 if the project continues successfully and demand for the coin increases, but reaching hundreds of dollars in the near term is unlikely.
Technical chart analysis for Pi Network coin
By reviewing the chart for Pi coin, it can be observed that it is moving within a downward-sloping sideways price channel. Despite the recent drop of 16%, there are strong support areas where positions can be reinforced.
Key support levels:
$1.30: An important support level from which the coin can rebound.
$1.15: If the price breaks the first support, this level represents a strong accumulation area.
$0.85: In the worst-case scenario, this is a strong support level indicating buyer interest.
Expected resistance levels:
$1.54: The first nearby resistance, must be surpassed to confirm the bullish reversal.
$1.77: Medium-term resistance, breaking through it represents an opportunity to reach higher targets.
$2.00: An important psychological barrier, if broken, we could witness a strong upward wave.
Inverted Head and Shoulders pattern
Currently, the coin is forming an Inverted Head and Shoulders pattern, which is usually considered a bullish reversal pattern. If the pattern completes and the price successfully breaks the neckline, the technical target will be:
First target: $2.65.
Second target: $3.00.
Optimal trading strategy for Pi Network
Gradual entry: If you wish to invest, it is better to enter gradually at the mentioned support levels.
Close monitoring of resistances: Make sure to follow the resistance levels, as they can be used to determine sell points and take profits.
Risk management: Do not invest all your capital at once. Use a strategy to reinforce positions if the price drops further.
Summary
Pi Network coin is still moving within a downward-sloping range.
Despite some exaggerated forecasts, reaching $100 or more requires years of development and institutional adoption.
If the price maintains the level of $1.30, we may see a positive reversal with targets reaching $2.65.
The most important thing is smart risk management and not getting carried away by unrealistic dreams.
Good luck to everyone!