Pi Coin Faces Uncertainty as 20M Tokens Moved: Price Outlook
Pi Coin is currently trading at $0.44, a slight increase of 0.73% today, July 26. However, a recent transaction involving 20 million coins moving from a wallet associated with the Pi Foundation has sparked concerns among investors.
Can Pi Coin Recover to $0.62?
Pi Coin has shown resilience around the $0.42 support level, testing it twice in July. This double-bottom pattern has eased fears of a drop below $0.40.
To continue its upward trajectory, Pi Coin needs to breach the $0.52 resistance. Successfully doing so could set the stage for a rally toward $0.628, a level not seen since late June, representing a potential 20% increase.
The Williams % Range indicator is neutral at -54%, signaling a pause in market momentum. This could favor buyers as the $0.42 level has historically attracted buying interest.
However, a failure to hold the $0.42 support could invalidate this bullish outlook and lead to new lows.
20 Million Pi Tokens Moved by Pi Network Team
Data from Pi Scan indicates that the Pi Network team has moved 20 million tokens, raising questions about potential market impact. Such movements often create uncertainty as investors worry about potential sell-offs.
Currently, there's no clear indication of significant selling pressure. However, exchange inflows (4.6M PI) have exceeded outflows (2.7M PI) in the last 24 hours.
On a positive note, the recent listing of Pi Coin on a major US exchange could incentivize holding.
Overall, the Pi Coin market presents mixed signals, leading traders to adopt a cautious approach. The $0.62 level remains a potential target, but depends on market dynamics and holding key support levels.
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