Pi Network price remained in a tight range this week as the crypto market accelerated.
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 Accumulating the Token
Pi Network price performed 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 significant because his identity remains unclear. His conviction suggests 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 planning to list the token.
Alternatively, this whale could be an ordinary crypto investor who believes that the token is undervalued and poised for a long-term recovery.
Pi Network Development and Ecosystem Growth
Meanwhile, the Pi Network team launched a new key update on the Pi App Studio, a platform used by developers to build their applications. This update introduced a code download and upload feature, designed to bridge the experiences of creators and developers.
The new feature also facilitates hybrid development workflows, enabling creators to utilize the platform's built-in tools for app creation and subsequently refine them in other development environments.
These recent developments on the App Studio are part of Pi Network’s ongoing efforts to foster an ecosystem that enhances the platform's utility and moves beyond its "ghost chain" reputation.
Pi Network Price Technical Analysis
The daily timeframe chart indicates that the Pi Coin price has consolidated within a narrow range over the past few days. This period of consolidation is forming an inverse head-and-shoulders pattern, a widely recognized bullish reversal signal.
The token is currently attempting to surpass the 50-day and 25-day Exponential Moving Averages. A successful move above these averages, which align with the neckline of the inverse head-and-shoulders pattern, would signal further upward momentum.
Crossing these key averages would suggest potential gains, possibly reaching the psychological level of $0.50, representing a 130% increase from the current price. Conversely, a decline below the right shoulder point at $0.20 would invalidate the bullish outlook.