Pi Network Price Forecast: PI rallies as Core Team focuses on mainnet upgrade
- Pi Network holds steady above $0.1700 on Friday after a 3% surge the previous day.
- Pi Core Team plans to upgrade the mainnet to version 26 by June 22, with the immediate deadline of April 27 for version 22.
- PI token must surpass the 100-day EMA at $0.1865 for a steady recovery.
Pi Network (PI) holds steady around $0.1730 at press time on Friday, securing its 3% gains from the previous day. The push from the Pi Core Team (PCT) to upgrade the mainnet to enable smart contract functionality is a near-term catalyst. Technically, the PI token extends its recovery above the 100-day Exponential Moving Average (EMA) at $0.1865 for a positive trend reversal.
Pi Core Team releases the deadline for protocol 22
The Pi Core Team announced April 27 as the final date for all the mainnet nodes to complete the required steps to remain connected to the network amid the Stellar Protocol version 22 upgrade. This upgrade is expected to result in a 15-minute downtime during the internal data transfer.
On the other hand, the timeline reveals the complete upgrade to version 26 is scheduled for June 22, ahead of Pi2Day (June 28).
Will Pi Network recovery evolve into a bull run?
PI token trades around $0.1730 at press time on Friday, up from the $0.1706 low earlier in the day. Pi Network maintains a broadly bearish configuration as it remains below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs).
The 50-day EMA at $0.1785 is the first cap overhead, with the 100-day EMA at $0.1865 reinforcing a congested supply band, while the 200-day EMA near $0.2334 underscores the depth of the broader downtrend.
Momentum conditions are mixed as the Relative Strength Index (RSI) at 48 hovers just below the neutral 50 line on the daily chart. Meanwhile, the Moving Average Convergence Divergence (MACD) has crossed above its signal line, hinting that downside pressure is easing but not yet reversing the dominant bearish bias.
On the downside, structural support is at the February 23 low at $0.1556, and a slip below this level would expose further weakness toward the February 11 low at $0.1310.
(The technical analysis of this story was written with the help of an AI tool.)
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
