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Pi Network (PI) Price Prediction: The bearish momentum of Pi coin is weakening, and Whale "accumulation" trading activity has increased.
Pi Network (PI) has rebounded from its short-term low point, currently reporting at 0.4509 USD in the Asian afternoon session today (21). Large transactions in the past 24 hours indicate an increase in whale activity at lower price levels. Technical outlook shows that the bearish momentum is weakening, suggesting a potential breakout from the consolidation range.
Pi App Studio has enhanced developer activities on the Pi Network
Pi App Studio is an AI-driven no-code platform that launched on Pi Network on Pi2Day (June 18). An announcement released on Sunday indicated that over 7,600 chatbot applications and 14,100 custom applications have been built with the help of Pi App Studio. The increase in developer activity on Pi Network signifies the continuous growth of the ecosystem.
PI Whale takes strategic allocation measures
PiScan data shows that the three largest transactions in the past 24 hours involved over 18 million Pi coins. Among them, the largest transaction transferred 1,000,000 Pi coins from GDIRB4…MRZNFL to GBE2AI…NUV6Q71166, worth 5.26 million dollars.
It is worth noting that the other two largest transactions are transfers of 3.32 million and 3.26 million Pi to the GDIRB4…MRZNFL wallet.
Coins. This indicates that the whale has made a strategic allocation to PI.
Pi Coin Price Analysis
On the daily chart below, the Pi coin is slightly rising within the consolidation range marked in green. The rebound is struggling to break through the 50-period Exponential Moving Average (EMA) at $0.4518, becoming a dynamic resistance level.
If the daily closing price is above the upper limit of the consolidation range of 0.4547 USD or the 50-period EMA, it may extend the breakout rebound to the resistance level of 0.4734 USD, with the last test occurring on July 14.
The Relative Strength Index (RSI) on the 4-hour chart is 54, slightly above the midpoint, indicating a neutral signal.
The Smooth Divergence Moving Average Convergence Divergence (MACD) and its signal line are showing an upward trend, gradually approaching the zero line. The continuous growth trend of the green histogram bars indicates that bullish momentum is strengthening.
Nevertheless, investors must remain cautious, as the bullish momentum shift on the 4-hour chart reflects short-term changes and may lead to false breakouts.
On the downside, if the Pi coin reverses from the 50-period EMA within the range, it may retest the lower limit of $0.4369. If it decisively closes below this level, the range will become invalid, and the fall may continue to the July 15 low of $0.4204.
(Source: Trading View)