Pi Network price remained in a consolidation phase this week as traders remained on the sidelines.
Summary
- Pi Network price has formed an inverse head-and-shoulders pattern on the 12-hour chart.
- It has also formed a falling wedge pattern, pointing to more upside.
- The coin may jump as whale accumulation continues.
Top whale continues buying Pi Coin
Pi Coin (PI) token was trading at $0.2300, a range it has held over the past few days. Its volume stood at about $30 million, a tiny amount for a $2 billion coin.
Pi Network price will likely have a strong bullish breakout in the coming weeks as one whale continues buying. Data compiled by PiScan shows that the biggest Pi whale has resumed his accumulation after a long hiatus.
The anonymous investor bought 364,945 tokens valued at $92,000 on Monday. Before that, he bought 437,321 coins and moved them to his self-custody. In total, the whale has acquired over 6 million tokens in the last two weeks, bringing the total holdings to 373.28 million tokens valued at over $86 million.
The continued accumulation in Pi Network is essential because the whale has already lost millions of dollars. As such, he likely expects it to bounce back in the near term.
Pi Network price has some potential catalysts that this whale may be aware of. A possible catalyst would be a token burn announcement, which would help to offset its unlock process. Such a move would lead to a significant surge, as evidenced by this week’s Uniswap price surge.
Another potential catalyst would be a primary listing on key exchanges such as Coinbase, Robinhood, and Binance. Pi would also jump if the developers shared a roadmap and a strategy for ecosystem growth.
Pi Network price technicals point to a rebound
The 12-hour chart suggests that the Pi Coin price could be preparing a strong rebound. It has slowly formed an inverse head-and-shoulders pattern, which often leads to a strong rebound.
The head is at the all-time low of $0.1525c while the shoulders are at $0.20. This pattern typically leads to more upside over time.
The Pi Network price has also formed a falling wedge pattern, characterized by two converging trendlines. It has already moved above the upper side of the wedge, meaning that a rebound may be about to happen.
These two patterns indicate it will likely surge to the next key resistance level at $0.50, about 120% above the current level. A drop below the all-time low of $0.1525 will invalidate the bullish outlook.
