Pi Network Prices Stagnate Following Protocol 20 Mainnet Upgrade as Broader Cryptocurrency Market Declines
According to the official website of the Pi Network, the Company has a weakening upgrade of the Protocol 20, consisting of a new inexpensive mainnet of Pi Network, and has a primitive token which is stable, and not transforming economically.
At the start of the upgrade, the \ Pi Network \ was recorded trading at 0. 174, and has increased by 0. 98%. Investors have gained confidence from the upgrades and have made greater transactions.
According to the overall cryptocurrency data, the Pi Network has experienced a negative deviation, with a decline of 0. 98. Overall market capitalization across multiple sectors falls by 3.6% to 0. 23 trillion.
Most of the major assets have had a greater decrease, with the US having a decrease of 70,000 per Bitcoin. Ether, and several major digital currencies are still declining and face high volatility. Overall, the market still shows caution when trading on the USs.
The confirmed network migration to Protocol 20 brought Pi one step closer to Smart Contracts functionality. All node operators are expected to upgrade their systems to meet the requirements of Pi’s enhanced blockchain.
Protocol 20 provides the programmable logic infrastructure required to run DApps (Decentralized Applications), including the functionality to execute transactions automatically. In line with the Pi ecosystem’s MVP (Minimum Viable Product) roadmap), initial use cases of Smart Contracts will likely include subscription services, escrow services, and NFTs (Non-Fungible Tokens).
On the other hand, not much has been said about the Launchpad Smart Contracts and the overall stability of the network, even as several models are being audited. The Pi Launchpad, on the other hand, has been released on the Testnet for the community to test and to provide feedback for further improvements.
A recent listing on Kraken has further enhanced the market presence of Pi. The listing will improve the market accessibility and liquidity of the token. Exchange listings are believed to strengthen price discovery, however, macroeconomic variables are expected to dominate the price of the token in the short term.
The price of the token will also come under pressure as much of the trading for the token will take place within the confines of a declining channel (currently at $0.17).
The Federal Reserve reported that no hikes would happen until the middle of 2026 due to inflation issues, thus interest rates would stay the same until then. This news caused renewed selling pressure across the digital asset space, removing profits that Bitcoin had obtained, and negatively affecting risk sensitive tokens like PI.
There is a lack of short term momentum, meaning there is not a lot of room to move. The Relative Strength Index (RSI) is 35. MACD is also in the negatives but histogram bars are getting closer to positive value.
Consolidation is likely at the support levels of $0.15 and $0.12 and a move to the resistance levels of $0.20 and $0.23 is required for a prolonged consolidation. A stronger bullish trend is likely in the near future and could achieve a retest of $0.27 if the market is stable and if the Protocol 20 features are utilized.
Investors are described as risk averse and tend not to deploy capital if there are no short contracts present, which are macroeconomic issues.
