Pi Network has taken a decisive step toward real-world utility with the implementation of Protocol 20, enabling smart contract support. While the technology advances, the PI cryptocurrency is locked in a battle on the daily charts between capitulation and a potential bullish rebound, following a grueling 84% drop over the last year and a 6.28% decline year-to-date (YTD).
Technical Analysis: PI’s Bar-by-Bar Narrative
The price of PI on the daily (1D) timeframe tells a story of aggressive rejection followed by newfound resilience. Here is the breakdown of the recent price action:
Bar 1: A crushing bearish candle with a 19.44% drop. This outside bar showed high volatility and clear profit-taking after testing the 0.2841 resistance zone.
Bar 2: Confirmed seller dominance by closing below the 0.2070 support and the 20 EMA.
Bar 3: An inside bar of consolidation. Buyers began absorbing the overhead supply.
Bar 4: A bullish pullback attempt that pierced the 20 EMA but was quickly rejected.
Bar 5: A very strong bearish bar (-9.8%) with no upper wick, indicating absolute control by the bears and the failure of the previous pullback.
Bar 6: A small pin bar that established a new minor ascending trend channel.
Bar 7: An inside bar showing seller exhaustion as they failed to break the previous low.
Bar 8 (Current): This is the “hope” bar. It shows firm bullish conviction and is currently attacking the 20 EMA. If it manages to hold, it would confirm a failure of the previous sell signal.
Protocol 20 and the Future of Pi Network
While the technical analysis shows price compression, the fundamentals are accelerating. The Pi Network team has confirmed that all core nodes are now operating on version 20.2, supporting Protocol 20. This milestone allows for the gradual rollout of smart contracts, prioritizing utility-based innovations.
Currently, the price is holding above the 0.1705 dynamic support. If Bar 8 closes with strength, we could see a move toward the 0.2100 zone. Otherwise, the market might seek the critical floor at 0.1550, a level that has served as a resting zone for the last 25 bars.
Disclaimer: This content is strictly for informational purposes. Trading crypto-assets involves significant risks. This does not constitute financial advice.
Communications Professional. Crypto Enthusiast. Economic Journalist. Bitcoiner & Altcoiner.