Pi Network price remained in a tight range this week as the crypto market accelerated.
Summary
- Pi Network’s price was largely flat this week as the crypto market crashed.
- The biggest Pi whale bought over 5 million tokens this week.
- The daily timeframe chart points to a strong bullish breakout to $0.50.
Pi Coin (PI) token was trading at $0.2175 on Saturday, Nov. 15, a few points below its highest level this week. It remains much higher than last month’s low of $0.1510.
Top Pi Coin whale is accumulating the token
Pi Network price did better than most altcoins this week as its biggest whale continued his buying spree. Data on PiScan shows that he acquired over 5 million tokens in the last seen days. These tokens are currently worth over $1 million.
The whale now holds over 376 million Pi coins, currently valued at over $82 million. He is the biggest holder of the tokens after the Pi Foundation. Most importantly, he is one of the few whales actively accumulating the tokens.
His accumulation is important because it is unclear who he is. His conviction means that he could be part of the Pi Network or an external organization with material information. For example, he could be part of a major exchange that plans to list the token.
Alternatively, this whale could be an ordinary crypto investor who believes that the token is cheap and that it will ultimately bounce back in the longer term.
Meanwhile, the team launched a new key update on the Pi App Studio, which developers use to build their applications. They launched a code download and upload feature, which will bridge the creator and developer experiences.
The feature also allows for hybrid development workflows, where creators can use its built-in tools to create apps and then work in other development environments to revise them.
The recent developments on the App Studio are part of Pi Network’s efforts to create an ecosystem that will generate more utility to the platform and shed the ghost chain name.
Pi Network price technical analysis
The daily timeframe chart shows that the Pi Coin price has remained in a tight range in the past few days. This consolidation is part of its formation of the inverse head-and-shoulders pattern, a common bullish reversal sign.
The token is attempting to move above the 50-day and 25-day Exponential Moving Averages. A move above these averages, which align with the neckline of the inverse H&S pattern, will point to more upside.
Crossing these averages will point to more gains, potentially to the psychological point at $0.50, which is up by 130% above the current level. A move below the right shoulder point at $0.20 will invalidate the bullish outlook.
