TLDR
- PI Network is in the transition of the protocol version 19 to version 23, based on star protocol 23.
- The update will be gradually implemented, starting with Testnet1 and eventually reaching the Netnet.
- Despite the technical advances, the feeling of the Pi Network market is still moderate, with its price below the 20 -day EMA.
- The current price of Pi Network is $ 0.34, and faces resistance in the EMA of 20 days of $ 0.36.
- The PI Network Chaikin Money Flow indicator is negative, which suggests weak capital tickets and a bearish perspective.
PI Network is preparing for an important update, the transition of the protocol version 19 to version 23. This new version, based on star protocol 23, aims to improve the functionality and control of blockchain. However, despite the technical progress, the demand of the PI network remains modified.
Testnet1 begins the transition of Pi Network
The gradual update of Pi Network has already begun with Testnet1, which began according to the announcement of August 27. The update will move to Testnet2 before reaching Mainnet, transitioning the entire ecosystem to the protocol of version 23. The gradual approach is intended to guarantee the stability and soft integration of the new features.
The PI network developers believe that the update will improve the scalability of the network and provide more control to their users. By taking advantage of star protocol 23, PI aims to improve its general efficiency. However, market reaction to this technical improvement has been less enthusiastic.
Pi Network could visit all time again
At present, Pi Network is traded at $ 0.34, falling below its exponential (EMA) mobile average of 20 days. This EMA level forms dynamic resistance to $ 0.36, indicating a lack of ascending impulse. When a cryptocurrency falls below its 20 -day Ema, it often suggests increasing the pressure on the side of the sale and weakening support.
- 20 days Ema. Source-trainingView
A subsequent analysis shows that the PI Network Chaikin Money Flow indicator (CMF) is also negative. CMF reading of -0.11 confirms a bearish perspective, indicating weak capital tickets. The lack of bullish conviction contributes even more to the feeling of moderate market that surrounds the PI network.
If the current trend continues, Pi Network could visit its historical minimum of $ 0.32. A fall below this level could lead to a greater price decrease. However, if demand and changes in market feeling increase, Pi Network could see a rebound.
A successful attempt to climb above the 20 -day EMA at $ 0.36 would be crucial. Such movement could cause greater profits, potentially pushing the Pi currency towards the $ 0.40 mark. The future of Pi Network depends on whether market conditions improve or not.
