Pi Network Price Moves Sideways After Decline
Pi Network (PI) price is stable around $0.35 as of Thursday. The price has stopped falling and is moving within a narrow range. This pause may decide the next price direction. The network is also upgrading to Stellar protocol version 23.
Pi Network Upgrades to Stellar Protocol Version 23
The Pi Network team successfully upgraded Testnet 1 from Stellar protocol version 19 to version 23. Next, they will update Testnet 2 after the Mainnet upgrade. This new version will add smart contract features to the network.
The team warned users about possible network outages during the upgrade. Despite the update, investor interest remains low, and the price stays near $0.35. The Testnet 2 upgrade could boost the network by bringing smart contracts closer to Mainnet.
Technical Indicators Show Low Momentum and Consolidation
Pi Network trades between $0.32 and $0.40, showing low volatility. The price formed a range with $0.40 as resistance and $0.32 as support. Keltner channels confirm the reduced volatility and a shift from the previous downtrend.
The Relative Strength Index (RSI) is neutral at 49, indicating no clear momentum. The Accumulation/Distribution Line (ADL) improved from -345 million to -289.83 million, showing less selling pressure.
If PI closes above $0.40, it could break out of the range and rise toward $0.50, last seen on July 22. However, falling below $0.32 would break the pattern and may push the price down to $0.30.
