Pi Token Heading Towards $5?
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.
Whales Are Accumulating
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.
PI Needs a Fresh Boost
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.
