On July 26, Pi Coin is trading at $0.44, reflecting a modest gain of 0.73 percent. However, recent developments have sparked speculation about its next move. A wallet linked to the Pi Foundation has transferred 20 million tokens, prompting questions about whether the $0.42 support level will hold or if the coin can rally toward $0.62.
Pi Coin has demonstrated resilience at the $0.42 mark, establishing this level as a strong support zone. It was first tested in mid-July and again last Friday. These repeated tests have formed a double bottom pattern, which is often seen as a bullish signal. This pattern has helped ease concerns among holders that the price could fall below $0.40.
To continue its upward trajectory, Pi Coin must break through the $0.52 resistance level, which serves as the neckline of the double bottom. If successful, the coin could climb to $0.628, a price it last reached in late June. Achieving this target would represent a gain of over 20 percent from current levels.
The Williams Percent Range indicator currently sits at -54 percent, placing Pi Coin in a neutral zone. This suggests that the market is in a holding pattern, with neither buyers nor sellers dominating. Historically, this kind of setup can favor buyers, especially when prices approach key support levels. For instance, when Pi Coin dipped to $0.42 last Thursday, buying activity increased noticeably.
Despite the bullish technical outlook, the price forecast could unravel if the $0.42 support fails. A breakdown below this level would raise the likelihood of Pi Coin reaching new lows.
Adding to the uncertainty is the recent movement of 20 million tokens by the Pi Network team, as reported by Pi Scan. Such large transfers often stir concern among traders, especially if they suspect the tokens might be sold. While there is no clear indication of aggressive selling, exchange data shows that more tokens are entering exchanges than leaving. Over the past 24 hours, 4.6 million Pi tokens have moved into exchanges, compared to 2.7 million exiting.
On a more optimistic note, buyer sentiment may be supported by Pi Coin’s recent listing on a major US exchange, as revealed by Cryptonow This development could encourage holding rather than selling.
Overall, Pi Coin’s price is navigating a landscape filled with mixed signals. Traders appear to be adopting a cautious stance, waiting for clearer direction. Still, the possibility of reaching $0.62 remains viable if technical support holds and buying momentum returns.
