Pi Network price continued its strong downward trend this week, hitting a low of $0.1700, and this trend may accelerate in the coming weeks as the top whale stops buying and Bitcoin forms a risky pattern pointing to a sustained crypto market crash.
Pi Network Price at Risk as Top Whale Stops Buying
There are signs that demand for Pi Network has waned over the past few months. Data compiled by CoinMarketCap shows the token’s volume dropped below $10 million on Tuesday, making it one of the least traded top-100 tokens.
One sign of the waning demand is that its biggest whale has stopped buying. Data compiled by PiScan shows that the whale has not purchased Pi Coins in the last two weeks. His latest transaction was a payment of 8.6 million Pi tokens, which was made three days ago.
The whale now holds over 384 million tokens worth $65 million. At his peak, his tokens were worth over $140 million, with the ongoing Pi Network price crash contributing to the pain. More data shows that the number of Pi Coin holders has dropped from 23 to 20 over the past two months.
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Pi Network faces major challenges, including the fact that no major exchange has listed it since February last year. It is still a highly centralized coin, with insiders holding over 90 billion tokens.
The community, which has supported the network for years, has never had a say on the network. This is a sharp contrast to other popular cryptocurrencies like Ethereum and Cardano that involve their community members in major decisions.
Pi Network continues to unlock millions of tokens each day, increasing its supply at a time when demand has dropped. Additionally, unlike other tokens, it has no token burns or staking.
Pi Network’s price could also be at risk, as the Bitcoin price has formed a bearish flag pattern and has remained below the Supertrend indicator and the 50-day Exponential Moving Average. All these patterns point to further BTC decline, leading to a steeper crypto market crash that will affect Pi Network and other altcoins.
Pi Coin Price Technical Analysis
The daily timeframe chart shows that Pi Coin has been in a strong downward trend over the past few weeks. It has crashed from a high of $0.2830 on November 28 to its current level of $0.1700.
The token has remained below all moving averages, while the Relative Strength Index (RSI) and the MACD indicators have continued falling and are nearing the key support level at $0.1522, its lowest level on January 19 and October 10 last year.
Therefore, the most likely Pi Network price prediction is highly bearish, with the next key support level to watch being at $0.1522. A move below that level will point to more downside in the near term.
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