Pi Coin Gains Steam as Whales Accumulate – What's Next?

Excitement is building in the Pi Network community as analysts and investors increasingly point to a potential breakout for the altcoin.

Pi Network's (CRYPTO: PI) price action is coming under increasing scrutiny as analysts grow optimistic about the altcoin's potential for a breakout.

What Happened: Prominent crypto analyst PiMigrate is now predicting that Pi Coin could hit $5 in the long term. The analyst, known for his technical analysis of the Pi Network ecosystem, sees strong support forming around the $0.60 level, which could be crucial for the coin's recovery.

Moreover, PiMigrate highlights the potential for real-world utility to drive up demand for Pi Coin. The coin's use cases in products like Pi Node and Pi Browser could contribute to sustained price appreciation.

Fellow market watcher Moon Jeff shares a similar optimism, also setting a $5 price target for Pi Coin in the coming months.

Both analysts believe that the coin has formed a solid base, evident in its current price structure, which hints at further upward momentum.

Technical analyst Xia noted growing bullish signals for Pi, especially after the coin surged past the $0.63 level with substantial trading volume.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are trending positive, further reinforcing the bullish case.

Why It's Important: In the past two days, investors have moved about 41 million Pi Coins, valued at approximately $27 million, out of exchanges, reducing selling pressure and indicating long-term holding.

A majority of these Pi Coins were transferred from OKX exchange to private wallets, with one transaction alone delivering 13 million Pi Coins to a single wallet.

However, not all signals are pointing upwards.

Analyst Alpha Crypto spotted a symmetrical triangle pattern forming on Pi's higher time frame chart. He explains that a move back into this structure could open possibilities for Long positions, while a drop below it might present an opportunity for short positions.

For now, he advises traders to await clear confirmation before making any moves.

"Symmetrical triangle on the higher time frame for those interested in Pi. Retracement into this structure could open up possibilities for Long positions, while a move below could present an opportunity for short positions. Await clear confirmation for either scenario," the analyst stated.

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