"Failed to surpass $0.2"...Pi Network 'hesitates' ahead of upgrade

▲ Pi Network/Source: X

Pi Network (PI) has failed to break through a major resistance level and continues its sideways trend, increasing market tension ahead of a protocol upgrade.

Bitcoinist reported on May 3 (local time) that Pi Network's price is hovering around $0.178, remaining below the $0.20 resistance level. Despite a recent upward trend, selling pressure has persisted, preventing a breakthrough of key resistance areas.

Pi Network previously rose to approximately $0.20 after the Protocol 22 upgrade, reaching its monthly high, but then gave back those gains due to an influx of selling. The recent token unlock event was identified as a factor that intensified selling pressure.

The current price trend is analyzed to likely remain within the short-term range of $0.175 to $0.19. The Relative Strength Index (RSI) remains at a neutral level, showing no clear direction.

Market attention is focused on the upcoming Protocol 23 upgrade scheduled for May 11. The Pi Network Core Team announced that it will apply the new protocol to the mainnet and all node operators must complete the upgrade by May 15.

This update includes native smart contract functionality. This is expected to enable the expansion of decentralized applications and real-world use cases. The Core Team stated, “All node operators must complete the upgrade to maintain network connectivity.”

It was also mentioned that the upgrade process could be more complex than before. It may involve changes to node software and improvements in data processing methods, requiring preparation from operators using lower-performance equipment.

In the short term, if the price recovers to $0.19 with accompanying trading volume, a retest of $0.20 is possible, and a breakthrough of that level could extend the upward trend to $0.21. Conversely, if the resistance level is not broken, the current sideways trend is expected to continue.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*