Pi Network price seems to be stagnant today as one enigmatic investor decides to buy, which could result in a price increase.
Throughout the years, the price of Pi tokens has been stagnant. Investors have noticed that the price has met the same values as it did back in August. From a financial standpoint, many have argued that Pi tokens have been following the Wyckoff Theory.
Specifically the, “Accumulation Stage” where Investors predict these tokens are being bought at a low price. These Investors “whales” predict that the price of Pi tokens will “breakout’ at some point. An investor who seems to be a whale has been buying a huge number of Pi tokens. The speculative market lacks the enthusiasm.
Pi Network price has lost 90% of it’s Pi tokens value since the tokens have been in the market” which is why a lot of investors have decided to stay on the sidelines. However, as blockchain data has proven, some investors have spent a ridiculous amount of funds on Pi tokens.
Just in the last Wednesday, blockchain analysis indicated that “this whale purchased 1.57 million Pi tokens. This is a part of his buying spree that started last month. The whale seems to be buying tokens on a daily basis, which demonstrates his great confidence in the tokens.
Currently, Chow has never been captured moving with over 373 million Pi coins converted to over $128 million, distinguishing them as the foremost holder. With Pi nearing its historic lows, he seems determined to continue buying.
The identity of the investor is still a mystery; it may very well be a die-hard fan of the project, a well-resourced outsider, or even someone connected to an exchange that is strategically poised to set forth a listing. The whale has been rumored to own one of the major exchanges that would enable a listing that would initiate a short squeeze, subsequently elevating the value of Pi significantly.
A savvy investor would compare the whale’s moves to Warren Buffets, who has always agreed with buying when assets are cheap and available. The rare and, more often, better approach believes there is great Pi Network skepticism because there is only one exchange and ongoing token unlocks.
From a technical point, Pi Network Wyckoff accumulation pattern fits within Pi Networks accumulation. WHile volume remains low the first level of the cycle moves in a horizontal pattern. The next level, markup, moves in high parabolic manner. MYX Finance is a concrete recent example of this, as it shot up after consolidating for a long time.
If Pi pursues the same trajectory, the psychological $1 level would come first, then $1.6675, the developing double-bottom structure’s neckline. To accomplish this would be a potential 388% gain from current levels.
The continuation of whale accumulation, despite skepticism, is bullish. While the risks Pi has with a lack of listings and reluctance around adoption stands, the merging of Wyckoff Theory accumulation with Pi technical targets and whale buying implies a potential powerful rebound for Pi Network.
For passive observers, the main question is whether additional large players come in and if exchange listings finally come through. For the time being, Pi Network is a bet with great risk and reward potential, with one whale heavily wagering on the reward.
