Pi Coin Price Prediction as 20M Tokens Exit Team Wallet – Is $0.62 Still Likely?

Pi Coin price is trading at $0.44 today, July 26, with a 0.73% gain. The price might be headed for a drop after a wallet belonging to Pi Foundation moved 20 million coins. Based on this, will the support of $0.42 finally fail, or can it reach $0.62?

Pi Coin Price Pattern Signals Recovery to $0.62

Pi Coin has held firm support $0.42. It identified this level as support twice; the first time in mid-July and again on Friday.

Most importantly, being able to test this support two times successfully has created a double bottom. It has also invalidated the most common fear among holders that the Pi Coin price could drop below $0.40.

Pi Coin now needs to get to $0.52, which happens to be the neckline resistance. If it does this, it might just reach $0.628 for the first time since the last week of June. In this case, Pi Network will have increased in price by more than 20%.

The Williams % range is within a neutral zone of -54%. When this indicator is here, it shows PI is neither overbought nor oversold. In other words, the market is in a bit of a pause before buyers or sellers decide to come back.

In the long run, this situation could end up benefiting buyers. That is because $0.42 is a level where they tend to show up. For example, on Thursday last week, when Pi Coin price dropped to that same $0.42 mark, buyers stepped in.

This bullish Pi Network price forecast could fall apart if the $0.42 support is lost. If this happens, it will increase the probability of the coin falling to a new record low.

Pi Network Team Moves 20M Tokens

The Pi Network team has moved 20 million tokens according to Pi Scan data, raising eyebrows about what this could mean for the Pi Coin price. This is because this kind of activity usually creates fear if traders expect the coins to be sold.

For now, there is no sign that there will be selling by this team at a rate that will create alarm. However, the coins being moved into exchanges have been somewhat higher than what is being bought. For instance, the tokens out of exchanges are at 2.7M PI in the last 24 hours, while the total in is at 4.6M.

At the same time, there are more incentives for buyers to hold rather than sell after CoinGape revealed Pi Coin’s listing on a major US exchange.

Based on this, it is clear that the Pi Coin price is surrounded by mixed signals. This explains why traders are using a “wait and see” approach. However, it is most likely that $0.62 is one of the levels that are within the path that the coin is charting.