Pi Network’s price held up despite a broader crypto market downturn after the project rolled out a major mainnet upgrade that added smart contract functionality to the ecosystem.
Summary
– PI traded near $0.177 after an intraday drop to $0.171 on March 19, rebounding from a roughly 5% decline; the token remains about 40% below its post-listing high.
– Resilience followed the launch of mainnet version 20, which enables smart contracts and raises hopes for dApp development and ecosystem growth.
– Technical indicators are bearish: PI sits below key moving averages, with support at the 20-day SMA ($0.176) critical to preventing further downside.
Price action and upgrade details
Data showed PI briefly fell to $0.171 on March 19 before recovering to about $0.177. The token’s earlier peak came after its listing on Kraken, and it still trades materially below that high.
The protocol’s mainnet v20 introduced smart contract support, allowing developers to build decentralized applications on Pi and potentially broadening use cases and adoption. Pi’s development team also announced that version 21 will be rolled out soon and advised node operators to update systems and await further instructions. The upgrade follows prior protocol changes that began with version 19.6 on Feb. 20.
Technical outlook
Despite the bullish development, chart signals favor sellers. On the daily timeframe, PI sits under the 50-, 100- and 200-day simple moving averages, suggesting a longer-term bearish trend. The 20-day SMA at $0.176 is the immediate line of support.
The Supertrend flipped to a sell signal and the MACD is pointing down, indicating bearish momentum and elevated volatility working against buyers. If support at $0.176 fails, downside could extend toward the Feb. 23 low near $0.156. Conversely, a decisive move above the psychological $0.200 level would challenge the bearish view and could signal a trend reversal.
Disclosure: This article does not represent investment advice. The content is for educational purposes only.