Pi Coin price has done well during the ongoing crypto crash as it outperformed popular coins like Solana, Cardano, and Binance Coin (BNB). Pi Network remained in a tight range as these coins plunged. This consolidation could usher in a rebound as its biggest whale hits a crucial milestone.
Pi Coin Price Double Bottom Pattern Has Formed
The daily chart shows that the Pi Coin price has remained in a tight range since October this year. A closer look shows that the token has formed a double-bottom pattern at $0.2025. It has remained below this level since its October 10 crash when liquidations in the industry soared.
A double-bottom is a highly bullish pattern made up of two downswings and a neckline. In this case, the neckline is at $0.2921, its highest level in October this year.
Pi Network price has other bullish catalysts. For example, the three lines of the Bollinger Bands have narrowed, which could spark a short squeeze in the near term.
Most importantly, the coin is in the accumulation stage of the Dow Theory, which is marked by continued consolidation. The next stage is known as the markup phase, which is characterized by high demand and Fear of Missing Out (FOMO).
Therefore, the most likely Pi Network price forecast is bullish, with the initial target being the double-bottom’s neckline at $0.2920. A move above that level will point to more gains, potentially to the psychological level at $0.50. A move to that level will be a 110% surge from the current level.
However, a plunge below the double-bottom point at $0.2025 will invalidate the bullish outlook.
Pi Network Whale Hits a Crucial Milestone
The potential Pi Coin price forecast is backed by the ongoing whale buying despite the ongoing crypto market crash. Data shows that the top whale bought over 2.7 million tokens worth over $637,470. This purchase happened after he bought 375,214 coins on Sunday.
The ongoing purchasing has brought his Pi holdings to over 381 million, with a current value of $91 million. A move to $0.50 as we predicted would bring his total holdings to worth over $190 million.
The whale purchases has coincided with some important Pi Network news. For example, Pi Network has applied for MICA approval, a move that would make it available to millions of users in the region. The other bullish news was its investment in OpenMind, a fast-growing player in the AI and robotics industry.
Pi Network has also launched multiple upgrades to the App Studio and the node. It is also launching a new DEX platform that will boost its network activity.