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Highlights
- Pi Network price has crashed after peaking in May this year.
- The coin is slowly forming a bullish double-bottom chart pattern.
- Whales continue to offload their Pi Coins from exchanges.
Pi coin price remained on edge this week amid tepid demand for altcoins. It has fallen by 13% in the last five days, trailing behind Bitcoin, which is already up by over 1% in the same period. However, the ongoing whale exchange outflows and two unique chart patterns could trigger a strong rebound.
Pi Network Chart Signals a Rebound
The eight-hour timeframe shows that the Pi Network price has been under pressure as bulls defend the crucial support at $0.50. While the chart looks bearish at face value, there are signs that the performance could be the calm before the storm.
The first highly bullish case for the Pi Coin price is that it has formed a double-bottom pattern. This pattern comprises two lower swings that imply that bears are not interested in shorting it below that level. It also has a neckline, which, in Pi’s case is at $1.6728, its highest level in May.
The double-bottom pattern is at $0.4016, a level it failed to move below in April and June. Therefore, there is a possibility that the token will stage a strong breakout if this pattern works out well.
The other catalyst is that the Pi Coin price also formed a falling wedge pattern, which is represented in orange in the chart below. The upper line links the highest levels on May 21, June 11, and 16. On the other hand, the lower line links the lowest swings since May 18.
Pi Network price moved above the upper side of the wedge, and has now retested it successfully. In most cases, a bullish continuation pattern is confirmed when it retests the breakout point.
Therefore, the Pi Network price will likely rise, and potentially retest the psychological point at $1. Such a move will imply a 100% above the current level.
Conversely, a crash below the important support level at $0.4016 will invalidate the bullish Pi forecast, and point to more downside.
Pi Coin to Benefit as Whales Move Coins Off Exchanges
A potential catalyst for the Pi Network is that whales are moving their tokens from exchanges into self-custody. Data by PiScan shows that the total inflows in the last 24 hours stood at over 10.3 million. Total outflows, on the other hand, rose to 12.04 million, bringing the net flow to minus 1.7 million coins.
Moving exchanges from exchanges is a positive thing because it is a sign that these whales intend to hold them for a long time.
A potential reason for this whale accumulation is the recent launch of Pi AI Studio on Pi2day. This studio will let users build artificial intelligence applications within minutes. Pi Core Team also launched staking, which they hope will create more utilities.
Summary
Pi Network price has crashed since May, but its technicals suggest that it may be on the cusp of a strong bullish breakout. Its rebound will also happen because of the ongoing outflows from exchanges and potential exchange listing.
Frequently Asked Questions (FAQs)
1. What is the Pi Network price forecast?
2. What is the main catalyst for the Pi Coin?
3. Why are Pi’s exchange outflows rising?
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