Pi Network price remains in a tight range as the recent rally faded. Still, the token could be on the cusp of a recovery after forming a bullish pattern, and when a top whale restarts its buying.
Summary
- The Pi Network price has fallen in recent weeks.
- A Pi whale has bought more than 5.3 million tokens in the last 9 days.
- This accumulation could be a sign of an eventual recovery.
The Pi Coin (PI) token was trading at $0.2240, a range it has remained at for the past few days. It is down more than 90% from this year’s high.
One possible catalyst is that an anonymous whale who was collecting it a few months ago has resumed his purchases. Data collected by PiScan shows that the largest Pi whale has bought more than 5.3 million tokens in the last 9 days after a two-month hiatus.
The whale now owns more than 371 million tokens worth over $82 million. He suffered more than $40 million in losses when the currency fell to a record low in October.
These purchases are signs that he expects the token to recover in the coming weeks or months. A possible catalyst for the recovery is that the team has made remarkable progress of late.
They deployed part of the $100 million ecosystem fund launched in May. They invested in OpenMind, a company in the AI and robotics industry. As part of the investment, the two parties conducted a trial that allowed pioneers to support the training of their AI models.
Pi Network also launched a testnet for decentralized exchanges, liquidity providers and automated market makers. The mainnet will enable the launch of these exchanges on its blockchain.
In addition, they have launched an AI model to accelerate the verification of pioneers. This model has performed KYC process on millions of users in recent months.
Pi Network price technical analysis
The daily timeframe chart shows that the value of Pi has remained under pressure in recent months. However, recently the price has formed a falling wedge pattern, a popular bullish reversal sign.
It has already settled above the top of this wedge, confirming a break-and-retest pattern. Also, the token has formed a bullish divergence as the Relative Strength Index and the Percentage Price Oscillator have moved higher.
Therefore, the token is likely to bounce back and reach the resistance at $0.50, which is around 127% above current levels. A drop below the all-time low of $0.1493 will invalidate the bullish outlook.
Disclosure: This article does not represent investment advice. The content and materials on this page are for educational purposes only.
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