Pi slips as Protocol 24 upgrade deadline pressures price

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Pi drops 7.61% today to $0.1283

Highlights

The Pi Mainnet upgraded to Protocol 23, significantly enhancing network security and scalability despite unchanging token demand.
Additional ecosystem milestones include the scheduled Protocol 24 upgrade deadline of June 2 and new fiat onramp for direct Pi purchases via Coixa Wallet.
Technical signals are firmly bearish, with price under key averages and expected to range between $0.1245 and $0.1321 amid high volatility.

Ecosystem upgrades strengthen fundamentals amid stagnant token demand

The Pi Mainnet was successfully upgraded to Protocol 23, with cryptonews.net confirming the advancement as a key milestone in the network's ongoing technical evolution. This upgrade is aimed at strengthening network security and operational capacity, providing a stronger foundation for the Pi ecosystem even as near-term token demand remained static. Secondary developments included the setting of a Protocol 24 upgrade deadline for June 2, along with enhanced user access via direct Pi purchases in the Coixa Wallet through Onramp Money (HOKANEWS.COM) and the launch of CiDi Games' Developer Center to stimulate growth in gaming applications on the platform (coinpedia.org). Despite these positive ecosystem updates, price action has remained under broader selling pressure.

Negative momentum dominates as price remains below resistance

On the technical front, PI/USD is trading beneath the MA-20 ($0.1361) and MA-50 ($0.1385) on the hourly chart, as well as the daily MA-200 ($0.1869). The immediate resistance is indicated by the Ichimoku Kijun at $0.1322. Momentum indicators remain negative: MACD and ADX both point to ongoing selling momentum, while oscillators such as RSI and Stoch RSI are in sell mode and CCI registers in oversold territory. Bull/Bear Power (BBP) signals intraday seller dominance, and the Awesome Oscillator is neutral, providing no countertrend confirmation.

Rangebound pattern carries high downside risk in short term

In the short term, PI/USD is expected to consolidate within a range of $0.1245 to $0.1321 over the next 223 trading days, consistent with recent volatility. The likelihood of an upward breakout is considered very low (less than 20%), while further declines have a high probability (greater than 80%). A sideways scenario is most likely unless resistance at $0.1322 is breached or support at $0.1245 gives way, which would open up new directional risks.

Viktoras Karapetjanc, Traders Union expert, sees Pi Network making tangible progress with protocol upgrades and new ecosystem initiatives. Yet, he notes that these advances are not yet fueling visible demand or a turnaround in sentiment, as sellers still dominate the market. Karapetjanc believes the platform is laying important groundwork for the future, but price action may stay rangebound in the near term. "Developers are building and the fundamentals are strengthening, so if the ecosystem can deliver more real-world use cases, I expect sentiment and price to recover in the medium term."

Earlier, analysts noted that Pi remained under sustained selling pressure with weak technical momentum, keeping downside risks in focus. Ongoing bearish signals, despite network upgrades and ecosystem expansion, reinforce the cautious outlook, making the $0.1245 support level a critical threshold to monitor for potential further declines.

Source of Data: PI Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.