At present, Pi Network (PI) is trending upwards, nearing $0.1800 on Thursday, following the successful mainnet upgrade to protocol version 20. This upgrade lays the groundwork for implementing smart contracts within its ecosystem. Despite this positive development, the technical outlook for PI remains bearish, as recent corrections indicate significant selling pressure.
Upgrade Enhances Development and Adoption Potential
The Pi Core Team has announced a successful upgrade to the mainnet, transitioning to version 20, which introduces smart contract capabilities to the Pi ecosystem. This upgrade is built upon the Stellar blockchain framework, which suggests that decentralized applications (dApps) and various services will now be possible, potentially catalyzing further development and widespread adoption of the Pi Network.
Technical Analysis: Prospects for PI Token
Currently, Pi Network trades below a previously breached descending resistance line at approximately $0.1948, along with the 50-day Exponential Moving Average (EMA). This scenario indicates a waning upside breakout. The continued presence of descending 100- and 200-day EMAs further exerts pressure on the broader market trend.
The Moving Average Convergence Divergence (MACD) has dipped below its signal line, resulting in negative histogram readings which point to increasing selling momentum. Meanwhile, the Relative Strength Index (RSI) is positioned at 45, indicating a bearish trend as it has rolled over from previously overbought levels. This reinforces a corrective tone in the market.
On the downside, immediate support is observed at a critical level of $0.1736, which now serves as resistance-turned-support. If bearish momentum continues, there is potential for a deeper pullback towards the $0.1533 level.
As long as the PI token remains below the $0.1950–$0.2000 range, any rallies are likely to encounter selling pressure at overhead trend lines and average resistance levels. A daily closing price above this range would be necessary to re-establish a pathway toward the March 7 high of $0.2396.
(This analysis includes insights generated with the assistance of AI tools.)
Author Information
Vishal Dixit has a B.Sc. in Chemistry from Wilson College but has found his true interest in the cryptocurrency sector.
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Source:FXStreet News