Pi Coin: Technology Upgrades, Price at a Crossroads...The Game Changes on April 27th

▲ Pi Network (PI)/AI Generated Image

Pi Coin is attracting market attention by confirming its large-scale mainnet upgrade schedule. With a surge in users and technological advancements, it aims for a price rebound.

On April 17th (local time), crypto media outlet Coingape reported on the recent trends of Pi Network. Pi Coin is trading around $0.1730, up 3% from the previous day. The Pi Core Team (PCT) is pushing for a mainnet upgrade to enable smart contract functionality. This is expected to act as a powerful catalyst to boost the price in the short term.

The Pi Core Team announced the deadline for the Protocol 22 upgrade. All mainnet nodes must complete the necessary procedures by April 27th. Service may be interrupted for approximately 15 minutes during the transition to Stellar Protocol version 22. Afterward, a complete upgrade to version 26 is planned to be finalized by June 22nd. This is a key schedule leading up to Pi2 Day on June 28th.

Technical indicators are still under the influence of a downtrend. The current price remains below the 50-day, 100-day, and 200-day exponential moving averages. The 50-day EMA at $0.1785 serves as the first resistance level. Selling pressure is concentrated around the 100-day EMA at $0.1865. The 200-day EMA near $0.2334 indicates the depth of the overall downtrend.

Market momentum is sending mixed signals. The Relative Strength Index (RSI) is at 48, falling below the neutral baseline. The Moving Average Convergence Divergence (MACD) has crossed above the signal line, indicating a slight easing of downward pressure. However, buying momentum is still insufficient to fully reverse the dominant bearish bias. If the price falls, the February 23rd low of $0.1556 is a crucial support zone. If this support breaks, there is a risk of a decline to the February 11th low of $0.1310.

*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.*