Mainnet Upgrade Imminent…Pi Coin Moves Again

▲ Pi Network (PI)/AI generated image ©

Pi Network is showing signs of a rebound driven by expectations for a mainnet upgrade, but its direction will depend on whether it breaks through key resistance levels.

According to cryptocurrency market data aggregator CoinMarketCap on April 17 (local time), Pi Network (PI) was trading around $0.1799, maintaining a 5.57% increase from the previous day.

The Pi Core Team's push for a mainnet upgrade to introduce smart contract functionality is acting as a short-term upward catalyst.

According to investment media FXStreet, this upgrade will proceed in stages. First, all mainnet nodes must complete the Stellar Protocol version 22 update by April 27, which may cause a network outage of approximately 15 minutes. Subsequently, a full upgrade to version 26 is scheduled to take place by June 22, which is considered a key date ahead of 'Pi2Day'.

However, technically, the bearish structure remains. PI is trading below the 50-day, 100-day, and 200-day exponential moving averages, with the 50-day EMA at $0.1785 and the 100-day EMA at $0.1865 forming strong resistance zones. Specifically, breaking through the 100-day EMA of $0.1865 is presented as a prerequisite for a stable rebound.

Momentum indicators are mixed. The Relative Strength Index (RSI) is at 48, remaining below the neutral zone, while the Moving Average Convergence Divergence (MACD) has crossed above its signal line, suggesting a reduction in downward pressure. This implies that while a short-term rebound is possible, further confirmation is needed for a trend reversal.

On the downside, $0.1556 is acting as a major support level, and if this zone breaks, there is potential for a further decline to $0.1310. The media analyzed that while Pi Network has entered an 'initial rebound phase,' the expectation of a mainnet upgrade must be accompanied by a breakthrough of technical resistance for it to lead to an actual upward trend.

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