- Pi Network price has gone sideways in the past two months.
- The network will complete the Protocol 23 upgrade this week.
- Pi Coin has formed a bearish flag pattern, pointing to more downside.
Pi Network price has remained in an extremely tight range in the past two months, even as Bitcoin and top altcoins have soared. It was trading at $0.1740 on Monday, inside the key support and resistance levels at $0.1650 and $0.1993. This article provides a Pi Coin forecast as the v23 upgrade completes.
Pi Network to Complete Upgrade This Week
The value of Pi pulled back in the past few days, even after its founders addressed the Consensus event in Miami. Their talks focused on the artificial intelligence (AI) industry and on using technology to verify human identity.
This aligns with the ongoing Pi Network KYC verification process, which has verified over 18 million people. The token did not jump after or during the statements as they did not deliver any new updates about the project.
READ MORE: Circle Stock Price Double-Bottoms: Will it Surge After Monday’s Earnings?
Meanwhile, Pi Network will be in the spotlight this week as it concludes the Protocol 23 upgrade that started a few months ago. This is a major milestone for the network as it will introduce some of the most important features.
For example, the upgrade has already introduced smart contract features, enabling developers to build decentralized applications. This is important as Pi Network is building its decentralized exchange (DEX) and a way to generate tokens.
The network upgrade will also introduce on-chain KYC, with all verification performed in a decentralized manner. It also introduced .pi Domains and other features. Still, it is unclear whether Pi Network will become a viable competitor to popular chains like Ethereum and Solana.
Besides, there are now hundreds of smart contract-enabled chains that have become ghost chains. Some of the most notable ones are Cardano, IOTA, Berachain, and Ziliqa. For Pi Network to succeed, it will need to attract some of the biggest developers in the crypto industry, like Aave and Uniswap.
Pi Coin Price Prediction: Technical Analysis
The daily chart reveals that the value of Pi has remained in a narrow range in the past few months. It has been stuck between the support and resistance levels at $0.1650 and $0.1993. This price is much lower than the March high of $0.2932 when it jumped ahead of the Kraken exchange listing.
A closer look shows that the Pi Network price is in the process of forming a bearish flag pattern. This pattern began forming on March 13, when it plunged from $0.2932 to a low of $0.1650. Its flag section started forming on March 16.
The coin has plunged below all moving averages and the Supertrend indicator. Therefore, the most likely Pi forecast is bearish, a move that will be confirmed when it moves below the lower side of the flag at $0.1650. A move below that level will point to further downside, potentially to $0.1500.
The bearish outlook will be invalidated if Pi Coin price rebounds above $0.1993, the upper boundary of the flag.
READ MORE: IREN Stock Price Rare Pattern Points to a Surge to $93 After the NVIDIA Deal
