"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 to trade within a box range, increasing market tension ahead of its protocol upgrade.

Bitcoinist reported on May 3 (local time) that the Pi Network price is moving around $0.178, remaining below the $0.20 resistance level. Despite the recent upward trend, selling pressure has persisted, leading to a failure to break through the key resistance zone.

Pi Network had previously risen to approximately $0.20 after the Protocol 22 upgrade, reaching its highest monthly level, but then gave back those gains due to an influx of selling pressure. In particular, a recent token unlock event was identified as a factor increasing selling pressure.

The current price trend is analyzed as likely to remain within the short-term box range formed between $0.175 and $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 they will apply a new protocol to the mainnet and that 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 include changes to node software and improvements in data processing methods, requiring prior preparation for operators using lower-performance equipment.

In the short term, if $0.19 is recovered with an accompanying increase in trading volume, a retest of $0.20 is considered possible, and a breakthrough of that zone could lead to an extension to $0.21. Conversely, if the resistance level is not broken, the current box range trend is expected to persist.

*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.*