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Highlights
- Pi Coin price faces a 23% crash as it trades within a head and shoulders pattern.
- The pattern will be confirmed if Pi Network price falls below the $0.419 support.
- Whales seem to be giving up after they moved 2.36 million tokens to exchanges in the last 24 hours.
Pi Coin price trades at $0.419 today, July 31, with a 1.54% drop in 24 hours. PI is now facing another 23% crash because whales are selling close to a price believed to be a magnet for buyers. Amid this sale, a 23% crash is now lurking.
Pi Coin Price Risks 23% Crash in Head and Shoulders Pattern
Pi Coin might crash to a new low because of a head-and-shoulders pattern. When this happens, it means that bears are about to have control. The two shoulders and the head have a slanting resistance line. What this means is that the price is creating lower highs.
The height from the top of the head to the support is a 23% drop. In that case, moving below $0.419 might force the Pi Coin price to reach $0.32. Here, the Pi Network price will be at its lowest price since it was first launched in February 2025.
Some buyers might be trying to salvage the situation. The last green candle formed just as the price touched $0.41. In that case, there might be some traders filling their bags, looking forward to the integration of Pi Network on Onramp Money in the coming weeks.
This green candle might also be from some traders who believe a demand area that has played out in the past is going to do so again. This stems from the fact that each time the Pi Network price neared a low, new traders started to buy. However, when you look at the RSI that sits with its value of 35, there is no chance of this happening any time soon.
Whale Dumps PI as Analyst Identifies Key Issues
One whale seems to have given up on Pi Coin price. According to Piscan data, they have moved 2.36 million PI tokens to Bitget. When whales do this, it shows that they are no longer comfortable with using a wait-and-see approach to see where the price will go.
These moves come when the Pi community is getting ready for more tokens to be unlocked in August. During the month, more than 150 million PI will be released. Just like it has happened in the past, these coins are likely to dim any hopes that buyers had about gains happening.
Additionally, analyst Kim Wong believes that there are two challenges that need solving for there to be a bullish Pi Network price prediction. The first is the lack of dApps on the network, seven months since it launched.
In a recent X post, he also warned that unless there is a way to solve the issue about unlocks, the Pi Coin price will continue to struggle. That is because many tokens are still locked up.
Therefore, Pi Coin might be facing a new low in August, with the fall likely to find a buffer at $0.32. This is the target of the head and shoulders, and if it creates a new demand zone, this is the price at which PI might start to rebound.
Frequently Asked Questions (FAQs)
1. Will Pi Coin price crash 23% as a head and shoulders pattern shows?
2. Will buyers start to accumulate PI near its all-time low?
3. Why are whales selling Pi Coin?
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