Pi Network is poised to reach a new milestone, as whales amass Pi coins, hinting at a potential surge in the cryptocurrency's value. What's driving this bullish forecast in the crypto sphere?
A renowned crypto expert, PiMigrate, recently stated that the Pi Network is set to experience a rapid rise in its price. In a post on Twitter, he declared that “the Pi Network’s journey to $5 has just begun.” According to him, the altcoin has strong support at $0.6, making this $5 evaluation “quite possible.”
PiMigrate highlights that the network’s good features should drive the token’s price to this level. Another expert, Moon Jeff, agrees and also believes that the Pi Coin can reach $5, as indicated by his bullish technical analysis.
This positive outlook for the token comes as significant investors, commonly known as “whales,” have been withdrawing Pi tokens from exchanges in recent days. A Pi community page revealed that these investors moved no less than 41 million Pi tokens (approximately $27 million) off exchanges in just 48 hours.
Specifically, these whales transferred over 13 million tokens from the OKX platform to various wallets. This trend is seen as an extremely positive sign for the Pi Coin, indicating a decrease in supply on exchanges, usually associated with upward potential.
When analyzing the Pi Coin price on longer-term charts, analyst Alpha Crypto pointed out that the altcoin needs to reclaim its symmetrical triangle to continue its upward trajectory.
According to him, once the Pi Coin reintegrates this technical structure, market participants can consider a favorable setup for long positions. Conversely, if the price were to break out of this triangle, it could pave the way for short-term selling opportunities. Alpha Crypto advises traders to wait for confirmation before taking a position.
Indeed, the 4H RSI shows buyer exhaustion as the RSI is lower than on April 9th when the token was trading at just $0.55 compared to the current $0.63.
The $0.61 point of control confirms this strong support for the token. A break below it would lead to a retest of these $0.55 levels.
Currently, the token remains below its Ichimoku cloud but must stay above the Kijun in the short term to attempt to break it.
In other words, PI must quickly attract new buyers to continue its momentum or risk dropping lower. In a bullish trend, PI will aim for $0.78 very soon.
At the time of writing, the Pi Coin is trading around $0.63, down roughly 3% over the last 24 hours. Trading volume has also decreased by over 36%, with $96.34 million exchanged during this period.
In conclusion, from a fundamental standpoint, Pi Coin listings on top exchanges could be a major trigger to boost its price. CoinGape recently reported that HTX platform fueled listing rumors with a cryptic message on its platform X.
Furthermore, Pi community members remain confident that a Binance listing could soon become a reality. They will also be watching the Consensus 2025 conference, where Pi Network founder, Nicolas Kokkalis, is expected to speak. According to expert Dr. Altcoin, this event could be a pivotal moment for the Pi Network, allowing the team to promote its ecosystem.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
