Required containers
- Pi Network’s PI token is stable at $0.1730, up 4.5% from the previous day.
- The Pi Core Team’s upgrade to enable smart contracts, with a deadline of April 27, is very helpful.
The Pi Network’s PI token has managed to maintain around $0.1770 since Friday, adding a 4.5% gain from the previous day.
The Pi Core Group (PCT) is driving forward with the mainnet upgrade, which will make the smart contract work – which is expected to be a major contributor to the price movement.
PI meets ahead of Protocol 22 upgrade
PI has risen by 4.5% in the last 24 hours, beating the cryptocurrency market. The meeting comes after the Pi Core Group announced that April 27 is the deadline for all mainnet nodes to complete the requirements to remain connected to the network, as part of the Stellar Protocol 22 transition.
Although this upgrade will cause a slight decrease of 15 minutes in the internal data transfer time, it lays the groundwork for future improvements. Additionally, the full version 26 update is scheduled for June 22, ahead of Pi2Day on June 28.
Will the PI go higher soon?
The 4-hour PI/USD chart is bullish and active, trading above the $0.1770 level. However, Pi Network remains stable, the indicator is still trading below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs).
The same resistance is placed at $0.1785, similar to the 50-day EMA, followed by strong resistance at $0.1865 (EMA 100) and $0.2334 (200-day EMA).
However, the first signs show different symptoms. The Relative Strength Index (RSI) at 71 is above the 50 neutral line, and is moving into oversold territory.
The Moving Average Convergence Divergence (MACD) crossing above the signal line indicates strong growth.
Below that, major support is found at $0.1556, close to the February 23 low, and further weakness could be seen at $0.1310 if the market breaks below this level.
