Pi Coin price has dropped by 3% to trade at $0.461 today, July 23, with the daily trading volumes coming in at $107 million. Despite this drop, PI is attracting attention again because of two patterns that show the possibility of a rally towards $1 happening after the Pi Network team revealed a new “Buy Feature.” Whales seem to be reacting to this development after they moved more than 9 million tokens in the last 24 hours.
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Pi Coin Price Targets $1 as Bullish Patterns Emerge
Pi Coin is showing signs that it has found a firm support level that is now setting the stage for the recovery towards $1. This is because of two bullish patterns: a double bottom and a rounding bottom that confirm sellers are not willing to sell the PI token below $0.42, and buyers might also be viewing this price to be the best level at which they can start buying more coins.
Interestingly, these two patterns seem to be facing resistance at $0.52, and if the traders who are on the buyer side decide to start filling their bags now and push the price above this level, the Pi Coin price may gain by 58% and reach $0.82.
However, the only way that the Pi Network token can reach $0.82 is if it first moves above the 61.8% Fibonacci of $0.57. If this happens and it reaches $0.82, the buying frenzy at this point will likely be high, and this will present a chance for PI to reach $1 as the 241.4% Fib level shows.
PI/USDT: 1-day Chart (Source: TradingView)However, indicators have not fully shifted to align with this bullish Pi Network price prediction, considering that they are still favoring bearish traders who are expecting the dull outlook to continue. Nevertheless, these bears are slowly losing their grip, as seen in the AO bars that have turned green and the ADX line that is now rising, and this presents an opportunity for Pi Coin to gain.
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Whales Move 10.5M Tokens as Pi Network Unveils New Buy Feature
A wave of whale activity has been observed in the last 24 hours, as data from Pi Scan shows that these large traders have moved more than 10.5 million coins. Some of these coins are moving to exchanges, while some are moving between wallets and for new coins such as PI, this is creating concerns about whether it is because of the buy feature released recently.
CoinGape reported that the Pi Network buy feature will make it possible for those who own PI wallets to access different ways of paying with platforms such as Google Pay, a move that will not just increase the rate at which this token is attracting usage, but also be a driver for demand.
Therefore, Pi Coin price appears to have already created a pathway to get to $1, and whales might be behind this rally. As the community anticipates that more products are going to launch on this platform, a parabolic surge might be looming.
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Frequently Asked Questions (FAQs)
Can Pi Coin price reach $1?
Pi Coin can reach $1 if it rises above the double bottom target of $0.82 and reaches the 241.4% Fibonacci level.
Are whales buying or selling Pi Coin?
Whales are likely buying Pi Coin, considering that the support level at $0.42 remains firm.
Will the Pi Network buy feature drive Pi Network’s recovery?
The Pi Network buy feature might drive a recovery in Pi Network price as the token gains utility.
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Pi Coin Price Prediction As New "Buy Feature" Triggers 10.5M Whale Activity- Is Rally to $1 Possible Now?
Pi Coin price has dropped by 3% to trade at $0.461 today, July 23, with the daily trading volumes coming in at $107 million. Despite this drop, PI is attracting attention again because of two patterns that show the possibility of a rally towards $1 happening after the Pi Network team revealed a new “Buy Feature.” Whales seem to be reacting to this development after they moved more than 9 million tokens in the last 24 hours.
Advertisement Advertisement
Pi Coin Price Targets $1 as Bullish Patterns Emerge
Pi Coin is showing signs that it has found a firm support level that is now setting the stage for the recovery towards $1. This is because of two bullish patterns: a double bottom and a rounding bottom that confirm sellers are not willing to sell the PI token below $0.42, and buyers might also be viewing this price to be the best level at which they can start buying more coins.
Interestingly, these two patterns seem to be facing resistance at $0.52, and if the traders who are on the buyer side decide to start filling their bags now and push the price above this level, the Pi Coin price may gain by 58% and reach $0.82.
However, the only way that the Pi Network token can reach $0.82 is if it first moves above the 61.8% Fibonacci of $0.57. If this happens and it reaches $0.82, the buying frenzy at this point will likely be high, and this will present a chance for PI to reach $1 as the 241.4% Fib level shows.
PI/USDT: 1-day Chart (Source: TradingView)However, indicators have not fully shifted to align with this bullish Pi Network price prediction, considering that they are still favoring bearish traders who are expecting the dull outlook to continue. Nevertheless, these bears are slowly losing their grip, as seen in the AO bars that have turned green and the ADX line that is now rising, and this presents an opportunity for Pi Coin to gain.
Advertisement Advertisement
Whales Move 10.5M Tokens as Pi Network Unveils New Buy Feature
A wave of whale activity has been observed in the last 24 hours, as data from Pi Scan shows that these large traders have moved more than 10.5 million coins. Some of these coins are moving to exchanges, while some are moving between wallets and for new coins such as PI, this is creating concerns about whether it is because of the buy feature released recently.
CoinGape reported that the Pi Network buy feature will make it possible for those who own PI wallets to access different ways of paying with platforms such as Google Pay, a move that will not just increase the rate at which this token is attracting usage, but also be a driver for demand.
Therefore, Pi Coin price appears to have already created a pathway to get to $1, and whales might be behind this rally. As the community anticipates that more products are going to launch on this platform, a parabolic surge might be looming.
Advertisement
Frequently Asked Questions (FAQs)
Pi Coin can reach $1 if it rises above the double bottom target of $0.82 and reaches the 241.4% Fibonacci level.
Whales are likely buying Pi Coin, considering that the support level at $0.42 remains firm.
The Pi Network buy feature might drive a recovery in Pi Network price as the token gains utility.
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