Pi Network price remains in a tight range as the recent rally faded. Still, the token could be on the verge of a rebound after forming a bullish pattern, and as a top whale restarts purchases.
Summary
- Pi Network price has wavered in the past few weeks.
- A Pi whale has bought over 5.3 million tokens in the last 9 days.
- This accumulation could be a sign of an eventual rebound.
Pi Coin (PI) token was trading at $0.2240, a range it has remained at in the past few days. It has plunged by over 90% from its highest point this year.
One potential catalyst is that an anonymous whale who was accumulating it a few months ago has resumed buying. Data compiled by PiScan shows that the biggest Pi whale has bought over 5.3 million tokens in the last 9 days after a two-month hiatus.
The whale now holds over 371 million tokens worth over $82 million. He has made over $40 million in losses as the coin plunged to a record low in October.
These purchases are signs that he expects the token to rebound in the coming weeks or months. One potential catalyst for the recovery is that the team has made some notable progress recently.
They have deployed some of the $100 million ecosystem fund launched in May. They invested in OpenMind, a company in the AI and robotics industries. As part of the investment, the two sides conducted a trial that allows pioneers to support the training of its AI models.
Pi Network also launched a testnet for decentralized exchanges, liquidity providers, and automated market makers. The mainnet will enable the launch of these exchanges on its blockchain.
Additionally, they have launched an AI model to fast-track the verification of pioneers. This model has conducted a KYC process on millions of users in the past few months.
Pi Network price technical analysis
The daily timeframe chart shows that the value of Pi has remained under pressure in the past few months. Most recently, however, it has formed a falling wedge pattern, a popular bullish reversal sign.
It has already moved above the upper side of this wedge, confirming a break-and-retest pattern. Also, the token has formed a bullish divergence as the Relative Strength Index and the Percentage Price Oscillator have moved upwards.
Therefore, the token will likely rebound and hit the resistance at $0.50, which is about 127% above the current level. A drop below the all-time low of $0.1493 will invalidate the bullish outlook.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Source: https://crypto.news/pi-network-price-eyes-rebound-as-top-whale-resumes-buying/