Pi Coin eyes $0.53 rebound if Bollinger bands repeat May trend as a mysterious whale buys 350M tokens. Price sits at $0.354, down 2.94% today.
Today, August 4, the price of Pi Coin is $0.354, down 2.94% in a day.
Although it hit its lowest price of $0.32 on Friday, it is unclear if this indicates a recovery given the increasing Bollinger bands.
As Bollinger Band Expands, Pi Coin Price Is Expected To Recover To $0.53
The Bollinger Bands of Pi Coin began to enlarge in the second week of May.
Subsequently, Pi Network’s price increased by about 65%. In just five days, it went from $0.58 to $1.67.
This expansion is taking place once more.
The difference between the lower and upper Bollinger Bands began to widen immediately after the price of the Pi Coin hit its lowest point of $0.32 on Friday.
The price of the Pi Network is reaching a critical point if May’s events are any indication.
If we replicate the 65% rally from May, Pi Coin will reach $0.584. Gains, however, no longer occur in the same manner as they once did.
This data indicates that a climb toward the 61.8% Fibonacci would be the token’s most likely move. The current level is $0.58.
This prediction is supported by the RSI. Sellers have little remaining juice because it is oversold.
The price may level off around its most recent low points when they are not dumping.
It might appear like a new bottom has been discovered.
This prediction, though, is limited to the short-term fluctuations in the price of Pi Coin.
More gains could occur in the long-term Pi Network price prediction after 2026.
Acquisition Of 350M Mysterious Whale Could Help Recovery
For Pi Coins, one mysterious whale has been collecting them in droves.
To date, they have purchased about 350 million coins.
These coins are valued at almost $125 million based on the current price of Pi Coin.
This mysterious whale’s possession of the largest pocketbook outside of the Pi Foundation is what sets them apart.
Dr. Altcoin, a vocal supporter of Pi Coin, points out that the wallet has been purchasing tokens from CEX marketplaces.
Nothing has been clarified as of yet, despite calls to verify whether the wallet is the foundation’s property.
Nevertheless, the expert claims that this purchase indicates some long-term confidence in the price of Pi Coin.
Given that Pi Network set its mining rate at the lowest level to increase confidence, this may be the case.
This mysterious whale’s rapid purchases could mitigate the impact of this month’s token release.
In August alone, about 155 million PI tokens will be released from lockdown.
