đ Whatâs Next for Pi Coin Price as Whales Dump 1.5M Tokens- $0.52 or $0.26?
Pi Coin price has dropped by 9% in the last week, with this performance contrasting that of other altcoins that are posting consecutive gains as the current market sentiment favors bulls. This performance has also caused speculation on whether the Pi Network token will crash below its previous all-time low or rebound to $0.52.
đž Pi Coin Price Outlook as Mixed Signals Emerge
The Pi Network token is only 9% shy of its all-time low of $0.40, and this is causing jitters among investors about this token being âdead.â The 4-hour timeframe chart amplifies these concerns due to the emergence of mixed signals that show the possibility of an imminent crash or potential recovery.
The RSI indicator is making the case for a potential recovery by showing a bullish divergence as it makes a slow but gradual rise while the Pi Coin price is dropping. This shows that there could be some traders buying at the bottom, and if this continues, the price might start bouncing to reflect the buying activity.
At the same time, the Bollinger bands are narrowing, which also signals a potential squeeze that might push the Pi Network token higher, possibly to the upper band of $0.47 before a stronger rally to the 161.8% Fibonacci level of $0.52 happens.
However, the lack of any strong recovery for the last three weeks, despite the rest of the market surging, shows that traders are abandoning Pi Coin and focusing on other gainers. This scenario creates a bearish Pi Network price forecast that a crash below the all-time low of $0.40 is more likely to happen in the near term.
đ Whales Move 1.5M Tokens to Exchanges
Whales might cause the drop in Pi Coin price to an all-time low, as on-chain data shows that they have been moving their tokens to exchanges to reduce their exposure to the token. According to Piscan data, the top ten largest transactions completed in the last 24 hours involved the transfer of Pi tokens to exchanges.