Key takeaways
- Pi Network’s PI token remains flat at $0.1730, up 4.5% from the previous day.
- The Pi Core team’s upgrade to enable smart contracts, with a deadline of April 27, is a potential catalyst.
Pi Network’s PI token managed to hold around $0.1770 as of Friday, adding a 4.5% gain from the previous day.
The Pi Core Team (PCT) is driving the momentum with its impending upgrade to the mainnet, which will enable smart contract functionality – expected to be a major catalyst for price action.
PI spikes before protocol 22 upgrade
The PI rose 4.5% in the past 24 hours, outperforming the broader cryptocurrency market. The spike comes after the Pi Core team announced that April 27 is the final deadline for all mainnet nodes to complete the necessary steps to stay connected to the network, as part of the Stellar protocol version 22 upgrade.
Although this upgrade will cause a brief 15-minute pause during internal data transfer, it lays the foundation for future improvements. Additionally, the full upgrade to version 26 is scheduled to take place on June 22, before Pi2Day on June 28.
Will the PI rise in the near term?
The 4-hours PI/USD chart is bearish and active, and is trading above the $0.1770 level. However, Pi Network remains in a bearish mode, as the token is still trading below the 50-, 100- and 200-day Exponential Moving Averages (EMAs).
The immediate resistance level is set at $0.1785, which is equivalent to the 50-day moving average, followed by stronger resistance at $0.1865 (100-day moving average) and $0.2334 (200-day moving average).
However, momentum indicators are providing mixed signals. The Relative Strength Index (RSI) at 71 is above the neutral 50 line, heading toward overbought territory.
A moving average convergence-divergence (MACD) intersection above the signal line indicates increasing bullish momentum.
On the downside, major support is at $0.1556, near the February 23 low, with further weakness likely at $0.1310 if the market drops below this level.
