- Pi Coin price has now reached a low of $0.32, and it is currently trading at $0.354 as the RSI is flashing oversold.
- Â Pi coin price Bollinger Bands expansion hints at potential rebound, targeting $0.53 resistance.
- Whale purchases 350M PI token, and the mining rate decelerates to lessen the anxiety of the sell pressure.
Pi Coin price dropped to $0.32 last Friday, hitting a new low as sellers pushed the price downward. However, with Bollinger Bands now expanding just as they did before a 65% surge in May, analysts are closely following for signs of a possible rebound to $0.53.
Bollinger Bands Expand as Pi Coin Price Eyes a Move Toward $0.53
Pi Coin price is currently attracting market interest following a slump to a low of 0.32. The price has since partially recovered and trades at 0.354, a 2.94% decrease over the last 24 hours as of August 4. This drop followed several days of selling pressure, which pushed the Relative Strength Index (RSI) into the oversold Zone.
The daily chart has Bollinger Bands expanding which was a technical indicator earlier on given rise to a sharp increase in price. In May, these same gains led to a 65% rally in which Pi Coin price rose to $1.67 over five days above the initial mark of 58%.
Traders have closely observed the development in hopes of the repetition of this trend with most of them looking to see how the 61.8% Fibonacci retracement of $0.58 can be the next target.
Source: TradingView
The RSI is oversold, and volatility is on the rise this could indicate that Pi Coin has a short-term bottom. Once people start buying back and sellers relax, the token may make an effort to recover to the $0.53 or more in the next sessions.
Pi Coin Whale Accumulation Sparks Speculation Around Recovery
A large Pi Coin wallet has accumulated over 350 million PI tokens, becoming the biggest holder outside the Pi Foundation. At the current price of $0.354, the holdings are valued above $125 million. Dr. Altcoin, a Pi Coin Price advocate, says the tokens were bought through centralized exchanges, though the wallet’s ownership remains unclear.
The hoarding occurs when the Pi Network scales back its mining to the minimum to regain market confidence. As the whale has 155 million PI tokens that will unlock this month, this can soften the anticipating selling pressure.
Source: CoinGlass
However, though the retail bias is strongly to long positions, the liquidation data reveals just above $0.01 in long liquidations and not on shorts between 1h to 24h. This indicates a low volatility market that is range bound.
The top trader metrics in Binance also show that the institution sentiment is being monitored. In case best traders fail to concur with retail positions, then there can be the danger of a bull trap.
Read Also:
- Bulls Defend $112K Bitcoin Breakout Zone as Whales Load Up: Is a Breakout to $122K Next?
- Ethena Price Eyes $0.70 Target Amid Bullish Technicals and Soaring TVL Growth
- Arthur Hayes Dumps $13M in ETH, ENA, and PEPE as He Predicts BTC Drop to $100K
- Ethereum Treasuries Surge: Firms Could Hold 10% of All ETH, Says Standard Chartered
