- Pi Network price has formed a large falling wedge pattern, pointing to a rebound.
- The biggest whale in the network has recently accumulated tokens worth over $600k.
- Pi Coin price may also rebound amid the ongoing protocol upgrades.
Pi Network price remains in a bear market after falling by over 40% from its March high this year. Still, there are signs that the ongoing consolidation may end soon as the biggest whale continues buying.
Pi Network Price May Rebound as Key Catalysts Build
The ongoing Pi Coin price crash may be about to end soon as key catalysts build. One of the top catalysts is that the largest whale has continued to accumulate the token. He has bought nearly 4 million Pi Coins, currently worth over $648k this month.
The whale now holds over 405.01 million tokens, currently worth over $67 million. This accumulation is a sign that the whale believes the coin will do well in the near term.
Second, Pi Network is working to improve its ecosystem, including the ongoing network upgrade, which has pushed it from version 19 to the current v21. It will now move to v22, followed by v23.
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This upgrade is important because it introduces smart contracts to the network, enabling developers to build decentralized applications (dApps). It recently released the testnet of the RPC server, which will facilitate the development of these applications.
Third, the developers are accelerating the KYC process, which has enrolled millions of users over the past few months. It is also working to launch KYC-as-a-Service, which will compete with popular companies like Humanity Protocol and Worldcoin.
Most recently, the developers completed distribution of KYC validator rewards, totaling over 526 million tasks completed by over 1 million KYC validators.
Meanwhile, Pi Network is aiming to become a major player in the artificial intelligence (AI) industry, having launched partnerships with some of the top players in the sector. A good example of this is its partnership with OpenMind, which will see “pioneers” provide their resources to its network.
Pi Network Price Prediction: Technical Analysis
The daily chart shows that the Pi Coin price has crashed over the past few weeks, falling from a high of $0.2971 to the current $0.1660.
On the positive side, the Average True Range (ATR) has dropped to its lowest level since January last year, a sign that the downtrend is losing momentum.
The token has also formed a falling wedge pattern, a pattern composed of two descending, converging trendlines. These two lines are nearing their confluence level.
Therefore, the token will likely have a strong bullish breakout, potentially to the key psychological level at $0.2035, which is up by 22% from the current level. A move above that level will point to more gains, potentially to the year-to-date high of $0.2970.
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