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- Pi coin price has risen after forming a double-bottom pattern on the back of a major wallet transfer. However, here's why it may not hold.
Pi Coin price returned to the upside on Tuesday, riding on speculation surrounding a recent major token transfer. The crypto coin was up by 1.38% and traded $0.34 at the time of writing, signaling a potential reversal to the upside. Nonetheless, the underlying momentum is still weak, with the coin having lost 22% of its value in the last month and down by 5.2% in the last week.
The mobile mining crypto is trading near record low as more people talk about it and more people sell it. On Friday, the Pi Foundation moved millions of tokens to a new wallet in what is seen as a strategic move that coincided with the start of the current correction. In barely 24 hours, the Pi Foundation moved 550 million Pi tokens in six major transactions.
This led to an extended discussion on social media platforms about a potential second migration wave. At hand is whether the current activity constitutes normal treasury management or lays down the foundation for something bigger.
The sheer size of the amount of tokens moved by Pi Foundation shows that Pi project is likely getting ready for its next big thing. However, the last 24 hours have seen the trading volume drop by 2.4%, signaling that the rising price has triggered reduced appetite for the coin. A continuation of that trend will likely limit Pi coin price upside.
Pi Coin Price Prediction
Pi coin price is pivoting at $0.343 and the momentum calls for further downside. The coin will have its primary support at $0.335. However, if the sellers extend their hold of the market, it could send the price further down below that level and potentially go to the next support at $0.330.
On the other hand, going above $0.343 will swing the momentum towards the upside. With that, PI will likely encounter initial resistance at $0.350. Action above that level will invalidate the downside narrative. Also, the resulting momentum could clear the way for an extended gain to test $0.356.
