Pi Coin Rebounds on Mainnet Release News... What are the chances of a big surge in May?

▲ Pi Network (PI) / ChatGPT-generated image

Pi Network (PI) is attracting market attention by finalizing the mainnet upgrade schedule for the introduction of smart contract functionality.

Cryptocurrency specialized media FXStreet reported on April 17 (local time) that Pi Network is maintaining a stable trend at around $0.1730, up 3% from the previous day. The Pi Core Team (PCT) is pushing for technical upgrades to activate smart contract functions within the mainnet, which has created a short-term price increase catalyst. Currently, Pi Network is showing a gradual recovery, building support after hitting a low of $0.1706.

The Pi Core Team announced a deadline for completing the Stellar Protocol version 22 upgrade. All mainnet nodes must complete the necessary procedures by April 27 to maintain network connectivity. A service interruption of approximately 15 minutes is expected during the internal data transfer process. The plan is to complete a full upgrade to version 26 by June 22 and celebrate Pi2Day on June 28.

Technically, Pi Network is still under pressure from a long-term downtrend. The current price remains below the 50-day, 100-day, and 200-day exponential moving averages. The 50-day exponential moving average, formed at $0.1785, is the first resistance level. Selling pressure is concentrated around the 100-day exponential moving average at $0.1865. The 200-day exponential moving average near $0.2334 confirms that the overall downtrend is still deep.

Market momentum is sending mixed signals, requiring a cautious approach. The Relative Strength Index (RSI) is 48, falling below the neutral baseline of 50. The Moving Average Convergence Divergence (MACD) has crossed above the signal line, showing signs of some easing in downward pressure. However, buying interest is not sufficient to completely reverse the dominant bearish bias.

If the price turns bearish, the February 23 low of $0.1556 becomes a critical support zone. Failure to hold this zone could deepen the decline to the February 11 low of $0.1310. For Pi Network to enter a full-fledged bull market, breaking through key exponential moving averages accompanied by strong trading volume is essential. As the mainnet upgrade approaches, investors are paying close attention to whether technical resistance levels can be reclaimed.

*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.*