Pi Coin Price Analysis: September 30 Deadline Could Spark Major Market Move – $100 Per PI Coin Possible?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Pi Coin price has risen by 3% in the past 24 hours, reaching $32.48 after the Federal Reserve’s rate cut yesterday sent the cryptocurrency market higher.
PI is now also up by 4.5% in the past week, with its moves also coming as the September 30 deadline for staking NFTs on the Pi Bridge application approaches.
While PI remains down by 9% in a month and by 13.5% in a year, the upcoming transition to a new development phase suggests that the Pi Network is getting closer to launching its mainnet.
And when this happens, we could see the Pi Coin price overcompensate for a year of underperformance.
Probably the key feature of PI’s chart is that the coin has been trading within a very narrow band for months now, raising the possibility of a big move.
Its relative strength index (purple) has been declining intermittently for over a week now, which also means that the coin’s price should recover soon.
More ambiguous is PI’s 30-period moving average (orange), which has just risen to the 200-period average (blue), but which has also fallen below the latter in recent days, undermining any claim that a sustained rally is coming soon.
It’s worth remembering that PI is listed only on HTX, CoinW, XT.Com and BitMart, with the coin – and investors – still waiting for its mainnet to go live.
There’s no clear indication of when exactly this will happen, but the aforementioned September 30 deadline for NFT staking at least suggests that the unknown date is getting closer.
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