Pi Network price flashes a highly bullish pattern: will it surge soon?

Pi Network price remains in a narrow range this month and is underperforming top tokens like Bitcoin and Venice. It was trading at $0.1650 on Tuesday, inside the narrow range it has remained at since February. It remains 45% below its March highs despite the recent developments.

Pi Network price drops as it prepares smart contracts launch

The Pi Core Team has made some major developments in the past few months. A key development is the ongoing upgrade to version 23, which will introduce more features to the network. 

The most important one is the introduction of smart contracts to the network, which will make it easy for developers to build applications in areas like decentralized finance (DeFi) and gaming. 

In a statement this week, the developers said that they had launched the RPC server on the testnet, which will make it possible for developers to build these applications. It will also help them to test contract behavior, and integrate real-time blockchain data. 

Once fully activated, the upgrade will make Pi a direct competitor to popular chains like Ethereum, Solana, and BSC Chain. The goal is that the new applications launched on the network will boost Pi’s utility over time.

Still, the main challenge is that the smart contract industry has become highly competitive, with the top names like Ethereum, Solana, and BSC having the biggest market share.

In line with this it is unclear whether the top developers in the crypto industry, like AAVE, Uniswap, and Raydium, will deploy on the network. The same case applies to popular stablecoins like USDC, USDT, and RLUSD. 

Pi Network has made more milestones in the past few months. It continues the KYC process that has brought millions of people to the mainnet. Also, Pi Network was recently listed on Kraken, a top American exchange. 

Additionally, the second migration concluded recently, a move that also introduced more tokens to the network. The developers are also working on launching the KYC as a service solution that leverages its technology that has verified millions of people.

Most notably, the developers concluded a trial with OpenMind that will see node operators provide resources to the network.

Pi Coin price technical analysis: falling wedge pattern emerges

Pi Network price chart | Source: TradingView

The daily chart shows that the Pi Network price has slumped in the past few weeks, erasing the gains made in March. As a result, it has moved below all moving averages, a sign that bears have prevailed.

The token’s Relative Strength Index (RSI) and the MACD indicators have continued falling in this period. On the positive side, it has formed a falling wedge, which is charactrized by two falling and converging trendlines.

Therefore, the token will likely rebound in the coming days. If this happens, it may soar to the next key resistance level at $0.200, which is about 22% above the current level. A drop below the support level at $0.15 will invalidate the bullish outlook.