The Pi Network price continued its crash this week as sentiment in the crypto market worsened. It was trading at $0.3473 on Tuesday morning, a few points above the all-time low. This retreat could be about to end as a major whale continues to accumulate.
Ongoing Whale Accumulation Could be a Harbinger of What’s to Come
The main reason why the Pi Network price may surge is that one anonymous whale is continuing to accumulate it. Data shows that the whale now holds over 376 million coins, currently valued at over $130 million.
This whale began accumulating the token in August and continues to buy more daily. His last purchase was of 667,403 coins worth over $231,589 on Sunday. If his trend continues, the whale will likely purchase more coins this week.
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It is unclear who this whale is, but it seems like they are fully committed to the Pi Network and believe that the coin will rebound soon. It could be an ordinary investor, or it could be an insider who knows things the public does not.
For example, this whale could be an exchange executive who knows that his company will list the coin, a move that would lead to a parabolic move, as we have seen with other coins like Orca and Avantis.
In a recent article, BanklessTimes speculated that the whale could be Justin Sun, a crypto billionaire who is widely recognized as the de facto owner of HTX, a top cryptocurrency exchange. Sun has not responded to our queries about this.
The whale could also be someone connected to the Pi Network team members, who have likely shared with him some material information that could move the coin over time.
The whale’s purchases are notable because they are happening at a time when the Pi Network price has plunged by over 100% from its highest level this year and when the token unlocks are continuing.
Pi Network Price Technical Analysis
The daily timeframe chart shows that the Pi crypto Network price has been under pressure in the past few months as attempts to buy the dip faltered. On the positive side, the coin has continued to form a falling wedge pattern, which comprises two descending and converging trendlines.
The spread between the three lines of the Bollinger Bands has narrowed substantially in the past few weeks, meaning that a squeeze is possible. Also, the coin could be in the accumulation phase of the Wyckoff Theory.
Therefore, the most likely scenario is where the coin bounces back and possibly retests the important resistance level at $1, which is much higher than the current $0.3475.
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