• Pi Network is up 2% at press time on Thursday, holding above a near-term support level.
• The Pi Network mainnet has successfully updated to Protocol version 20, inching toward version 21.
• The technical outlook remains bearish as RSI and MACD suggest intense residual selling pressure in the backdrop.

Pi Network (PI) edges higher toward $0.1800 at press time on Thursday, as the mainnet upgrade to protocol 20 lays the foundation for smart contracts in the ecosystem. The technical outlook for PI remains bearish as the correction earlier this week reflects intense downside pressure. 

Pi Network's latest upgrade could boost development, adoption

The Pi Core Team announced the successful upgrade of the mainnet to version 20, bringing smart contract functionality to the Pi ecosystem. The Pi Network protocol is based on the Stellar blockchain framework, suggesting that the version 20 upgrade will enable decentralized applications (dApps) and other services, which could boost the ecosystem’s development and adoption.

Technical outlook: Could PI token resurface above $0.20?

Pi Network trades below the broken descending resistance line that was previously breached around $0.1948, and the 50-day Exponential Moving Average (EMA), suggesting the upside breakout is losing follow-through. The descending 100- and 200-day EMAs continue to keep the broader trend under pressure.

The Moving Average Convergence Divergence (MACD) has fallen below its signal line and turned the histograms negative, pointing to resurgent selling momentum. Meanwhile, the Relative Strength Index (RSI) at 45 leans to the downside after rolling over from overbought territory, reinforcing a corrective tone.

On the downside, immediate support lies at a resistance-turned-support level at $0.1736, which guards a deeper pullback toward $0.1533 if bearish momentum extends.

However, as long as the PI token holds beneath the $0.1950–$0.2000 band, rallies are vulnerable to selling into overhead trend and average resistance. A daily close above this zone would be needed to reopen the path to the March 7 high at $0.2396.

(The technical analysis of this story was written with the help of an AI tool.)