The Pi Network Coin price has declined and is hovering near its all-time low as the crypto market weakness continues, and token unlocks gain traction. It also retreated despite the potential Kraken listing and as the largest whale resumed purchases.
Pi Network Coin Price Dips as Top Whale Starts Buying
The Pi Network price dipped on Wednesday as the crypto market sell-off accelerated after the latest White House meeting between the crypto industry and the banking industry failed to reach an agreement on the CLARITY Act, which aims to separate the roles between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The crash also happened as investors awaited upcoming macroeconomic data from the United States, including non-farm payrolls (NFP) and the Consumer Price Index (CPI). These numbers are important because they will help to determine whether the Federal Reserve will cut interest rates soon.
Meanwhile, the largest Pi Network whale resumed purchases after a month-long hiatus. The whale bought 7 million tokens worth over $938,000 late last week. This purchase followed his transfer of tokens valued at over $2 million to two unknown addresses.
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The whale now holds over 383 million coins, currently worth over $50 million, meaning that it has lost tokens worth millions of dollars in the past few months. At his peak, his tokens were worth over $140 million.
The other notable Pi Network news is that Kraken, the second-largest crypto exchange in the United States with millions of customers, added the token to its listing page. This listing suggests that the company plans to list it later this year, thereby making it available to U.S. customers. It is common for cryptocurrencies to surge upon listing on a major exchange.
Pi Coin Price Prediction: Technical Analysis
The daily timeframe chart shows that the Pi Coin price has been in a strong downward trend in the past 12 months and is now trading at its all-time low. It has moved below key support levels, including $0.1520, its lowest level in October last year.
The coin remains below all moving averages, while the Average Directional Index (ADX) has surged, a sign that the downtrend is gaining momentum. Additionally, the Relative Strength Index (RSI) and other oscillators have continued to fall.
Therefore, there are signs that the token will continue falling in the near term as sellers target the key support level at $0.10. This crash will happen as the token unlocks accelerate and demand continues rising.
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