Pi Coin Holds $0.50 as Whales Withdraw: Can Price Double to $1?

Pi Coin Price Hovers Near Critical Level as Technical Patterns Hint at Potential Rebound

The price of Pi Coin (Pi Network) has found itself under heavy scrutiny this week, navigating a challenging crypto environment where demand for altcoins remains subdued while Bitcoin edges higher. Over the past five days, Pi Coin has slipped by approximately 13%, lagging behind Bitcoin’s modest gains of over 1% during the same timeframe. However, analysts note that despite the current weakness, emerging technical signals and whale activity could pave the way for a notable recovery.

Pi Network Chart Analysis: Double-Bottom and Falling Wedge Patterns Take Shape

A closer examination of Pi Coin’s eight-hour chart reveals critical formations that traders are watching closely. Pi Coin’s price action has remained anchored around a crucial support level at $0.50, a zone where bulls have consistently stepped in to defend against further declines.

While the surface trend appears bearish, seasoned market observers suggest that this period of consolidation may represent a “calm before the storm.” One significant technical pattern identified is the formation of a double-bottom structure, often regarded as a bullish reversal signal in technical analysis.

This double-bottom formation is anchored at $0.4016, a price level where Pi Coin found strong support in both April and June, rejecting any sustained moves below it. A double-bottom typically suggests that sellers have lost momentum near the lower end of the range, indicating potential exhaustion among bears.

The neckline of this pattern, marking a potential breakout point, is situated at $1.6728—Pi Coin’s highest level recorded in May. If the double-bottom holds, analysts foresee a scenario where Pi Coin could break above this neckline, triggering a powerful upward surge that could significantly shift sentiment in its favor.

Falling Wedge Breakout Signals Bullish Continuation

In addition to the double-bottom, Pi Coin has also formed a falling wedge pattern—a bullish continuation formation that often precedes upward price movements when confirmed with a breakout. This falling wedge is defined by two converging trendlines: the upper boundary, connecting the lower highs from May 21, June 11, and June 16; and the lower boundary, connecting the series of lows from May 18 onward.

Recent price action indicates that Pi Coin has successfully breached the upper resistance of the wedge and has subsequently retested this breakout point. This retest, often viewed as a confirmation in technical analysis, suggests that Pi Coin could be preparing for its next upward leg.

If the bullish continuation plays out, Pi Coin’s price could rally toward the psychological resistance level of $1, marking an impressive 100% gain from its current valuation. However, traders caution that a decisive breakdown below the key support at $0.4016 would invalidate the bullish thesis and potentially open the door to further declines.

Whale Accumulation and Exchange Outflows Point Toward Long-Term Confidence

Adding to the technical optimism is a notable trend in Pi Coin’s on-chain activity, where large holders—commonly referred to as “whales”—are steadily moving their tokens from exchanges into self-custody wallets. Data from PiScan indicates that in the past 24 hours, exchange inflows totaled approximately 10.3 million Pi, while outflows surged to 12.04 million Pi, resulting in a net negative exchange flow of 1.7 million coins.

This pattern of net outflows from exchanges is generally interpreted as a bullish indicator, signaling that whales are opting to hold their tokens in anticipation of higher prices rather than seeking immediate liquidity.

Market analysts attribute this accumulation to growing confidence in Pi Coin’s evolving ecosystem, particularly following the launch of Pi AI Studio on Pi2day. This platform enables users to build artificial intelligence applications rapidly, enhancing the Pi Network’s utility and creating new use cases within its ecosystem.

Additionally, the Pi Core Team’s introduction of staking mechanisms has generated further interest, providing holders with the opportunity to earn passive rewards while contributing to the network’s security. Such developments are pivotal for Pi Coin as it seeks to strengthen its utility-driven narrative in a market often dominated by speculation.

Potential Exchange Listings: A Catalyst on the Horizon

Beyond technical patterns and whale behavior, a significant potential catalyst for Pi Coin remains the prospect of listings on major cryptocurrency exchanges. While the token has yet to secure widespread availability on top-tier platforms, community discussions and subtle hints from ecosystem developers suggest that such a milestone may not be far off.

The listing of Pi Coin on a major exchange would likely introduce substantial liquidity into the market, attract new retail and institutional investors, and provide increased visibility within the broader crypto community. Combined with the technical breakout patterns, such a listing could amplify Pi Coin’s upward momentum if confirmed.

Context Within the Broader Crypto Market

Pi Coin’s movements occur against a backdrop of a cautiously optimistic crypto market, where Bitcoin’s relative stability has provided a foundation for altcoin narratives to re-emerge. The broader market remains sensitive to macroeconomic developments, regulatory updates, and sentiment shifts within the crypto landscape.

However, for Pi Coin, the convergence of strong technical patterns, increasing whale confidence, and expanding utility through AI and staking provides a differentiated growth narrative that could resonate with traders seeking high-reward opportunities within the altcoin space.

Key Levels to Watch

• Support: $0.4016 – A critical level that has historically attracted strong buying interest. A sustained breach below this could trigger a bearish continuation.

• Resistance: $1.00 – A psychological level that, if reclaimed, could confirm the bullish breakout and set the stage for further gains.

• Neckline (double-bottom): $1.6728 – A longer-term target if the double-bottom formation completes successfully.

Source: TradingView

Summary: Calm Before a Potential Surge?

While Pi Coin’s price has faced downward pressure since May, the emergence of the double-bottom and falling wedge patterns suggest the possibility of a strong reversal if current levels hold. Coupled with steady whale accumulation, the launch of the Pi AI Studio, and potential staking rewards, Pi Coin is positioning itself for a potential resurgence.

The prospect of an exchange listing could serve as a decisive catalyst, turning the current period of consolidation into a launching pad for the next phase of growth. As always, traders should monitor critical support and resistance levels while managing risk appropriately in a market known for its volatility.

For those closely watching the crypto market, Pi Coin’s evolving narrative and the current technical landscape may provide an early glimpse into a potential recovery phase that could shape the altcoin’s trajectory in the months ahead.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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