Is Pi Network the Next Crypto Comedy? 😂💸

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Ah, the Pi Network, that whimsical creature of the crypto world! Its native token, PI, is currently dancing around the $0.61 mark, having lost nearly half its value in the past month. Yes, you heard it right! A staggering 80% drop from its yearly highs, as if it were a balloon deflating in slow motion. 🎈

In the midst of this chaos, our dear pseudonymous analyst, Dr. Altcoin, has raised an eyebrow. He claims that the crypto trading platform Banxa is playing a curious game, creating multiple accounts, each with a suspiciously identical balance of 0.98 PI. What a coincidence! Or is it? 🤔

#Banxa is creating many new accounts, each with a balance of 0.98 Pi. This could lead to price volatility soon.

— Dr Altcoin (@Dr_Picoin) April 17, 2025

Dr. Altcoin warns us of the lurking shadows of wash trading schemes and coordinated dumping, methods that could make even the most seasoned trader weep. These micro wallets are like sneaky little mice, scurrying under the radar to avoid detection. 🐭

Meanwhile, the whales are at it again! Accumulating PI tokens like they’re collecting rare stamps, pulling 6 million tokens off exchanges in just 48 hours. This usually signals confidence, but some skeptics whisper that it might just be a setup for a classic pump and dump. 🐋💰

In a recent DappRadar report, it was revealed that while the number of crypto rug pulls has decreased by 66% year-on-year, the intensity of each rug pull has been increasing. Isn’t that just delightful? 😅

PI Price Outlook

On the 4-hour PI price chart, the token has recently broken down from a rising wedge, a classic bearish reversal pattern. Traders, brace yourselves for a potential drop to $0.44–$0.45, which is about 25% below current levels. 📉

PI breakdown from rising wedge | Source: TradingView

Meanwhile, the RSI is sitting at a cozy 37.8, suggesting weak momentum and the potential for more downside before it finally decides to oversell itself. 💤

PI 4-hour price chart | Source: TradingView

Bollinger Bands are narrowing, with the price hugging the lower band like a long-lost friend. A move above the middle band (20-day Simple Moving Average) at $0.63 could lead to a rally toward $0.70–$0.80 resistance. Fingers crossed! 🤞

But wait, there’s more! PI’s ongoing token unlocks are adding to investors’ worries. Daily unlocks of 5 to 6 million tokens are scheduled throughout the month — a major supply-side pressure, especially if demand decides to take a vacation. A price breakdown below $0.56 could lead PI to retest $0.50. Oh, the drama! 🎭

Despite the gloomy clouds, popular crypto analyst Moon Jeff believes that PI could soar to $5. “If you have already sold, you might be running out of time to buy back,” he quipped in a recent post on X. What a rollercoaster ride! 🎢

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2025-04-18 15:38