📈 PI is ready to launch — a decrease in whale activity may indicate a significant rise

Over the past two weeks, the Pi network has been in a stabilization phase.
With the acquisition on Monday of 3.73 million coins, the largest whale of the Pi token increased its holdings to 371 million PI.
A net loss of 2,000,000 PI tokens is shown in the CEXs wallet reserves.
As of Tuesday morning, the price of the Pi Network (PI) was trading above $0.34, continuing its steady trend. On Monday, the largest wallet address for the Pi token in terms of holdings purchased an additional 3.73 million PI tokens, taking advantage of the low prices.
The decline in CEX reserves indicates an increase in demand.
The holding of PI tokens increased to 371 million on Monday, when a large investor in the wallet, or "whale," removed 3.73 million tokens from the OKX exchange, according to PiScan data.
Central exchanges witnessed a drop of 2 million tokens in their wallet reserves over the past 24 hours, increasing the growing demand for PI tokens. When funds leave CEXs, it usually indicates that retail demand is on the rise.
As of the time of release on Tuesday, the Pi Network has extended sideways above $0.34, rising by about 0.5%. Within a broader descending channel pattern, cryptocurrency mining is flattening on the daily chart.
If retail demand helps restore the price of the PI token, it may return to the upper resistance line, which is around $0.3700.
With PI reaching a critical point, momentum indicators provide conflicting signals on the daily chart. With an RSI value of 44, the market shows no signs of buying activity as it remains stagnant below the midpoint.
The moving average convergence divergence indicators (MACD) show signs of a positive trend change as it continues to rise and remains above its signal line.
From a bearish perspective, a drop below the 0.3220 dollar low on August 1 will represent a new decline, potentially leading below the 0.3000 dollar barrier.
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