Pi Network price remains in a narrow range as recent gains have faded. Still, the token has formed a bullish pattern and could be on the brink of a pullback after the top whales resume buying.
summary
- The price of Pi Network has fluctuated over the past few weeks.
- Piwhale has purchased over 5.3 million tokens in the past 9 days.
- This buildup could be a sign of an eventual rebound.
PICoin (PI) token is trading at $0.2240 and has been hovering within this range for the past few days. It has fallen more than 90% from this year’s high.
One potential trigger is that anonymous whales who hoarded months ago have resumed buying. Data compiled by PiScan shows that the largest piwhale purchased over 5.3 million tokens in the past nine days after a two-month hiatus.
Whale currently holds over 371 million tokens worth over $82 million. He suffered losses of more than $40 million as the coin fell to record lows in October.
These purchases are a sign that he expects the token to recover in the coming weeks and months. One potential catalyst for the turnaround is that the team has made some notable strides recently.
They leveraged part of the $100 million Ecosystem Fund launched in May. They invested in OpenMind, a company in the AI and robotics industry. As part of the investment, the two countries ran a trial in which pioneers could help train their own AI models.
Pi Network also launched a testnet for decentralized exchanges, liquidity providers, and automated market makers. Mainnet will allow these exchanges to be launched on the blockchain.
Additionally, we launched an AI model to quickly validate pioneers. The model has conducted KYC processes for millions of users over the past few months.
Pi network price technical analysis
The daily timeframe chart shows that Pi values have remained under pressure over the past few months. However, more recently it has formed a descending wedge pattern, a popular bullish reversal sign.
It has already broken above the upper side of this wedge, confirming the break-and-retest pattern. The token also formed a bullish divergence as the relative strength index and percentage price oscillator rose.
Therefore, the token could rebound and reach resistance at $0.50, which is around 127% above current levels. The bullish outlook will be invalidated if the price falls below the all-time low of $0.1493.
Disclosure: This article does not represent investment advice. The content and materials published on this page are for educational purposes only.