Pi Network’s token showed resilience during a wider crypto sell-off after the protocol deployed a major mainnet update that adds smart contract capability to the network.
Snapshot
– PI traded around $0.177 after an intraday low of $0.171 on March 19, recovering from an approximately 5% drop; the token remains roughly 40% below its post-listing peak.
– The stabilization followed the launch of mainnet v20, which brings smart contract support and boosts expectations for dApp development and broader ecosystem activity.
– Technicals remain skewed negative: PI is trading below key moving averages, with the 20-day SMA at $0.176 acting as near-term support.
Price action and upgrade rollout
On March 19 PI dipped briefly to $0.171 before bouncing back to about $0.177. That pullback contrasts with an earlier surge after the coin’s Kraken listing, and PI still trades materially under that listing high.
The network’s mainnet v20 enables smart contracts, opening the door for developers to build decentralized applications on Pi and potentially expanding real-world use cases and user adoption. The Pi team also said mainnet v21 is coming soon and advised node operators to update their systems and follow forthcoming instructions. This release continues a sequence of protocol changes that began with version 19.6 on Feb. 20.
Technical outlook
Despite the upgrade-driven optimism, chart-based indicators favor sellers. On the daily chart, PI sits below the 50-, 100- and 200-day simple moving averages, signaling a longer-term bearish bias. Immediate support is the 20-day SMA at about $0.176.
Momentum tools align with that view: the Supertrend has flipped to a sell signal and the MACD is declining, suggesting bearish momentum and elevated volatility. If the $0.176 support fails, the next downside reference is the Feb. 23 low near $0.156. Conversely, a decisive break above the psychological $0.20 level would challenge the bearish case and could mark the start of a trend reversal.
Disclosure: This write-up is for informational and educational purposes only and should not be taken as investment advice.