Many people are curious about Pi Coin. Some may even be thinking of investing in it. That’s why today’s article might help you make a decision.
Large Investors Selling Tokens
Recently, some large investors of Pi Coin have sold 1.5 million tokens on exchanges. As a result, there is a possibility that Pi Coin’s price may fall. Moreover, there’s a risk of breaking the $0.40 support level.
While most altcoins in the current crypto market are on the rise, Pi Coin continues to show signs of weakness. In the past few months, some alarming trends have been observed in Pi Coin, such as a significant outflow of tokens and a decline in RSI. There are also no strong signs of recovery, which is weakening investors’ confidence.
According to PiScan, major holders have transferred 1.5 million Pi Coins to large exchanges like OKX, Bitget, and Pionex. One thing is clear here when large investors start selling their tokens, it indicates they are not willing to wait for a price recovery.
At the time of writing, Pi Coin is priced at $0.4415, slightly above its lowest point but still 75.27% down from its total market value. This gap is raising concerns among traders.
Analysts have spotted a bearish pattern on the chart. If it continues, the price may drop as low as $0.26.
What’s more worrying is that while Bitcoin and other altcoins are trending upward, Pi Coin remains inactive. The longer this stagnation lasts, the less interest traders will have, increasing the risk of further decline.
Some Mixed Positive Signals
Though we’ve discussed negative aspects due to token selling, not all indicators are bad. For example, on the 4-hour chart, some indicators suggest a number of buyers are still purchasing tokens at lower levels.
Even though the price is falling, the RSI is slowly increasing, which means Pi Coin may reverse direction at any time. However, this positive sign hasn’t led to any major price changes yet.
Also, the Bollinger Bands are tightening, which suggests high price volatility may occur soon. If that volatility moves upward, Pi Coin might test the $0.47 resistance and could initially reach $0.52.
But all of this depends on whether buyers actually enter the market. Unfortunately, no significant buying pressure has been seen so far.
Currently, there is strong selling pressure from whales, overshadowing any positive technical signals. However, market observers believe that if Pi Coin gets listed on a major exchange like Binance, its price may increase or stabilize. Until then, the risk of price decline remains.
Conclusion
Every token in the market goes through good and bad times. If Pi Network can make strong decisions to increase its price, a recovery is still possible. For example, they should aim to get their coin listed on Binance as soon as possible. Since Binance is the world’s largest exchange with the highest number of users, it would give Pi Coin the chance to attract more traders.
In conclusion, best wishes to Pi Network. Hopefully, it can overcome this phase and make a strong comeback like before.
