🚀 Whales Scoop Up Pi Network — $0.40 Test Sparks Bullish Fever

Pi Network's PI token reverses its Adam and Eve design, suggesting a trend change.

Over 984,000 tokens are added by a wallet investor with more PI than any exchange.

The technical picture is ambiguous as bullish momentum fades.

At press time on Monday, Pi Network (PI) rose 3% over $0.4000 after a bullish pattern breakthrough on Friday. Whales, or huge wallet investors, purchase in bulk, betting on a positive comeback.

The technical picture is mixed as bullish momentum slows.

Whales purchase Pi token retest dips.

Four of the five biggest Pi Network transactions in the previous 24 hours included a whale buying PI tokens from OKX. Over 2.25 million PI tokens worth $901,500 were bought by whales.

Over the last 24 hours, a major wallet investor bought 984,914 Pi tokens, bringing its holdings to 351.74 million. As of Monday, PiScan records show that the investor has more PI tokens than any centralized exchange.

Pi Network breakout rally testing $0.40

The recurrent Adam and Eve pattern breakout on Friday lifted the PI token to $0.4661 on Sunday before ending in the red at $0.3950. The 50-period Exponential Moving Average (EMA) around $0.3863 on the 4-hour chart supports the PI token, which bounced off over 3% on Monday and reclaimed its hold above $0.4000.

After falling from the overbought zone, the Relative Strength Index (RSI) at 58 is trading sideways over the midway line. This shows a purchasing pressure drop, allowing expansion.

The MACD line also flattens after flashing a sell signal on Sunday when it crossed below its signal line.

If the PI token reclaims the 200-period EMA at $0.4271, it might climb to $0.4734, last tested July 23.

The PI token might retest the 50-period EMA around $0.3864 if the 100-period EMA at $0.4000 fails to retain positive support.

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