PI steadies at $0.1770 amid core team’s mainnet upgrade plans

Important Points to Note

The PI token of Pi Network is currently priced at $0.1730, showing a 4.5% increase from the previous day.

The Pi Core Team’s plan to introduce smart contracts by April 27 is anticipated to have a positive impact on the token’s value.

As of Friday, the PI token of Pi Network has maintained its value around $0.1770, experiencing a 4.5% rise from the day before.

The Pi Core Team (PCT) is making waves with the upcoming mainnet upgrade, which will enable the implementation of smart contracts—a significant development expected to influence price movements.

PI Sees Growth Ahead of Protocol 22 Upgrade

PI has surged by 4.5% in the last 24 hours, surpassing the overall cryptocurrency market performance. This surge follows the announcement by the Pi Core Team that April 27 is the final deadline for all mainnet nodes to complete necessary steps to stay connected to the network, as part of the Stellar Protocol version 22 upgrade.

Although this upgrade will result in a brief 15-minute downtime for internal data transfer, it sets the stage for future enhancements. Additionally, the full transition to version 26 is scheduled for June 22, ahead of Pi2Day on June 28.

Will PI Continue to Rise in the Short Term?

The PI/USD 4-hour chart indicates a bearish yet efficient trend, with prices above $0.1770. Despite this, Pi Network remains in a bearish position, trading below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs).

The immediate resistance level stands 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 offer mixed signals. The Relative Strength Index (RSI) at 71 is above the neutral 50 mark and approaching the overbought territory.

The Moving Average Convergence Divergence (MACD) crossing above its signal line signals a growing bullish momentum.

On the downside, a crucial support level is identified at $0.1556, near the low of February 23, with further weakness potentially exposing $0.1310 if the market dips below this threshold.