Key takeaways
Pi Network has reversed its downward trend on Wednesday, climbing above the $0.1500 level following a major infrastructure upgrade to its mainnet nodes.
At press time, PI traded around $0.1518, extending recent losses while technical indicators hinted at the possibility of a short-term rebound.
The Pi Core Team announced that major mainnet nodes have successfully upgraded to Stellar protocol version 23, reflecting the project’s reliance on the Stellar blockchain infrastructure.
The update also included several backend improvements, such as migrating the operating system from Ubuntu 20 to Ubuntu 24 and upgrading the database engine from PostgreSQL 12 to PostgreSQL 16.
The latest upgrade is aimed at improving network performance, security, and long-term scalability as the ecosystem continues to evolve.
The PI/USD 4-hour chart is still bearish and efficient as PI has underperformed over the past few days.
The bearish performance comes despite the infrastructure progress. The token is currently trading below both the 50-period Exponential Moving Average (EMA) near $0.1605 and the 200-period EMA around $0.1709, maintaining a broader bearish outlook.
However, momentum indicators suggest selling pressure may be weakening. The Relative Strength Index (RSI) has dropped to near 29, signaling oversold conditions while also forming a positive divergence as price approaches Tuesday’s low of $0.1463.
This type of divergence often points to a potential reversal or short-term bounce. If buying momentum increases, PI could attempt to retest a descending trendline resistance near $0.1519.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains flat below the zero line, indicating fading bearish momentum but not yet confirming a bullish recovery.
A successful breakout above the $0.1519 resistance level could open the door for a stronger recovery toward the 50-EMA at $0.1605, followed by the 200-EMA near $0.1709.
On the downside, the recent low at $0.1463 remains a critical support zone. A daily close below that level could invalidate rebound expectations and potentially trigger additional downside pressure for Pi Network.
The post Pi Network tops $0.1500 following mainnet upgrade appeared first on CoinJournal.
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