Key takeaways
- Pi Network’s PI token holds steady at $0.1730, up 4.5% from the previous day.
- The Pi Core Team’s upgrade to enable smart contracts, with a deadline set for April 27, is a potential catalyst.
Pi Network’s PI token has managed to hold steady around $0.1770 as of Friday, adding a 4.5% gain from the previous day.
The Pi Core Team (PCT) is driving momentum with the impending upgrade to the mainnet, which will enable smart contract functionality—expected to be a key catalyst for price movement.
PI rallies ahead of the Protocol 22 upgrade
PI is up 4.5% in the last 24 hours, outperforming the broader cryptocurrency market. The rally comes after the Pi Core Team announced that April 27 is the final deadline for all mainnet nodes to complete necessary steps for remaining connected to the network, as part of the Stellar Protocol version 22 upgrade.
While this upgrade will cause a brief 15-minute downtime during internal data transfer, it lays the groundwork for future improvements. Additionally, the full upgrade to version 26 is slated for June 22, ahead of Pi2Day on June 28.
Will PI rally higher in the near term?
The PI/USD 4-hour chart is bearish and efficient, trading above the $0.1770 level. However, Pi Network remains in a bearish posture, with the token still trading below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs).
The immediate resistance level is marked at $0.1785, corresponding to the 50-day EMA, followed by stronger resistance at $0.1865 (100-day EMA) and $0.2334 (200-day EMA).
However, momentum indicators present mixed signals. The Relative Strength Index (RSI) at 71 is above the neutral 50 line, and is heading into the overbought region.
The Moving Average Convergence Divergence (MACD) crossing above its signal line indicates growing bullish momentum.
On the downside, key support is found at $0.1556, near the February 23 low, with further weakness potentially exposing $0.1310 if the market slips below this level.
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