The Pi Coin price prediction has turned cautious as traders observe a bearish head-and-shoulders pattern forming on the charts. Despite recent Pi Network upgrades, the cryptocurrency faces potential downward pressure if key support levels fail.
Pi Network Upgrade Boosts Development
The Pi Core Team recently rolled out its Protocol V23 upgrade, incorporating updates to Stellar Core and Horizon. These improvements are aimed at strengthening system performance and ensuring greater regulatory alignment.
In addition, the Pi testnet was recently upgraded from protocol version 19 to 22, with plans to transition to version 23 soon. While these upgrades reflect significant technical progress, they have not yet translated into strong price momentum. Over the past week, Pi Coin price has gained only about 4%, with a modest 3% increase in the last 24 hours.
Technical Analysis: Bearish Head-and-Shoulders Pattern
Market analysts note that Pi Coin is displaying a bearish head-and-shoulders pattern, a traditional indicator of potential trend reversal.
- The neckline support is positioned near $0.33. A confirmed breakdown below this level could trigger additional declines.
- The downside target is around $0.31, which would mark a new all-time low for Pi Coin.
- To shift sentiment back to the upside, Pi Coin must reclaim the $0.37 resistance with strong trading volume. Without this move, rallies are likely to remain weak or short-lived.
Market Signals Support Bearish Case
- The Relative Strength Index (RSI) currently stands at 44, leaving room for further downward movement before oversold conditions are reached.
- The MACD indicator also leans slightly bearish, reinforcing expectations of a possible pullback.
Pi Coin Price Forecast
In the short term, the Pi Coin forecast remains under pressure. If Pi Coin breaks below $0.33, bearish traders may push the price toward $0.31. On the other hand, a decisive move above $0.37 could invalidate the bearish setup and open the door for recovery.
For now, the Pi Coin price prediction suggests that caution is warranted, as technical patterns signal risk while network upgrades have yet to deliver strong market momentum.
Source: Cryptonews Edited by Sonarx.
TradingView Widget Chart
Source: TradingView – Pi/USDT data from Gate.io