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Highlights
- Pi Coin price tumbled to an all-time low of $0.32 as bearish sentiment rocked the crypto market.
- Amid this drop, Bollinger bands are expanding, a move that sparked a 65% rally in the past.
- A mysterious whale has quietly accumulated 350M PI tokens, drawing speculation about a recovery happening.
Pi Coin price trades at $0.354 today, August 4, with a 2.94% drop in 24 hours. It reached its lowest price of $0.32 on Friday, but with Bollinger bands expanding, there is the question of whether this means recovery will happen.
Pi Coin Price Eyes Recovery to $0.53 Amid Bollinger Band Expansion
During the second week of May, Pi Coin’s Bollinger bands started to expand. Afterwards, the price of Pi Network surged by more than 65%. In fact, it moved from $0.58 to $1.67 within five days.
This expansion is happening again. Right after the Pi Coin price reached its lowest level of $0.32 on Friday, the divergence between the lower and upper bollingers started increasing. If what happened in May is anything to go by, it means that the Pi Network price is at a crucial juncture.
Replicating the 65% rally that happened in May means Pi Coin will get to $0.584. However, gains do not happen the same way that they did in the past. What this means is the token’s most probable move would be a climb toward the 61.8% Fibonacci. This level sits at $0.58.
The RSI is favoring this forecast. Given that it is oversold, sellers do not have much juice left in them. When they are not dumping, the price might flatten around its newest low levels. This could look like a new bottom has been found.
However, this outlook only applies to the short-term Pi Coin price movements. As for the long-term Pi Network price prediction beyond 2026, more gains might happen.
Mysterious 350M Whale Purchase Could Fuel Recovery
One whale has been on an accumulation spree for Pi Coins. They have bought more than 350 million coins so far. Going by the price of Pi Coin now, these coins are worth more than $125 million.
What has made this whale stand out is that they are the biggest wallet that does not belong to the Pi Foundation. Vocal Pi Coin advocate Dr. Altcoin notes that the wallet has been acquiring tokens from CEX markets. Despite there being calls to check whether the wallet belongs to the foundation, nothing has been clarified yet.
The analyst says that even so, this buying shows there is some long-term conviction about Pi Coin price. This might indeed be the case, considering that Pi Network adjusted its mining rate to the lowest level to boost confidence.
When this whale is buying at such a speed, it might minimize the impact of the tokens that are going to be unlocked this month. More than 155 million PI tokens will be moved from their locked status in August alone.
Frequently Asked Questions (FAQs)
1. Can Pi Coin price recover?
2. How will the mysterious 350M whale purchase affect Pi Coin price?
3. Why is Pi Network price dropping?
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