The ongoing Pi Network price consolidation could be calm before the storm that may lead to more upside over time. The token was trading at $0.2277, up by about 50% from its lowest level in October. Its emerging inverse head-and-shoulders pattern and ongoing whale buying points to more upside, potentially to $0.50.
Pi Network Price Chart Pattern Points to a Rebound
The daily timeframe chart shows that the Pi Coin price has recoiled in the past few days. On the positive side, the coin has formed numerous bullish patterns that could lead to a strong rebound in the coming weeks.
Such a rebound could see it hit the important resistance level at $0.50, which is about 120% above the current level. One key pattern is known as the inverse head-and-shoulders pattern. This pattern has a head, two shoulders, and a neckline. It has already formed most of these sections and is now on the right shoulder.
Pi Network price is also attempting to move above the 50-day Exponential Moving Average (EMA), which has provided it with substantial resistance in the past few months. This average also coincides with the neckline of the inverse H&S pattern.
On top of this, the Pi Coin price has formed a falling wedge pattern, which is made up of two downsloping and converging trendlines. It has also already moved above the upper side of the wedge, meaning that a rebound could be near.
The bullish Pi Coin price forecast 2024 will become invalid if the coin drops below the lower side of the right shoulder of the inverse head-and-shoulders pattern.
Top Pi Coin Whale is Nearing a 375M Milestone
One potential catalyst for the value of Pi is that the biggest individual holder has continued to accumulate the token this week.
He has restarted his accumulation, a sign that he expects the price to rebound in the coming weeks. Data shows that the whale bought 1.23 million Pi Coins on Tuesday, bringing his total holdings to over 374.5 million, a figure that will cross the 355 milestone if he continues to accumulate.
His current holdings are worth over $90 million, much lower than where they were two months ago before it crashed to a record low.
The purchases are happening at a time when the developers are doing some important improvements to the network. For example, they are using artificial intelligence to accelerate the KYC process, a move that has verified millions of users.
Meanwhile, the team is said to have applied to ISO certification, a move that would boost the chances of exchange listings. They also made the first investment from the $100 million venture fund. They invested in OpenMind, a company that is in artificial intelligence and robotics. The hope is that node operators will contribute their resources in the network.