Pi Network Gears Up for Version 23 Upgrade, But Market Demand Stays Flat
Pi Network is getting ready to roll out a significant improve, shifting from protocol model 19 to 23. The new model, constructed on Stellar protocol 23, introduces new layers of performance and management for the blockchain.
However, regardless of the technical milestone, market sentiment round PI stays subdued.
Stellar-Based Protocol 23 Comes to Pi, But Market Says ‘Not Yet’
Following the current launch of a Linux Node, the PI Network is about to maneuver from protocol model 19 to 23.
According to an August 27 announcement, the replace will likely be phased in step by step, beginning with Testnet1, which has already begun and can proceed over the approaching weeks. It will then lengthen to Testnet2 and ultimately the Mainnet, shifting your entire ecosystem to model 23, a variant of Stellar Protocol 23.
Despite this improvement, PI’s efficiency stays muted. At press time, the altcoin trades at $0.34, resting under its 20-day exponential shifting common (EMA), which at the moment kinds dynamic resistance above it at $0.36.
The 20-day EMA measures an asset’s common value over the previous 20 buying and selling days, giving weight to current costs. When value trades above the 20-day EMA, it indicators short-term bullish momentum and suggests patrons are in management.
On the opposite hand, when an asset’s value falls underneath this degree, the market experiences elevated sell-side strain and weakening short-term assist. This places PI vulnerable to falling additional over the following few buying and selling periods.
(*23*), readings from the token’s Chaikin Money Flow (CMF) verify this bearish outlook. At press time, this momentum indicator, which tracks cash flows into and out of an asset, is under the zero line at -0.11.
A adverse CMF studying like this indicators that promoting strain outweighs shopping for exercise. It signifies weak capital inflows and an absence of bullish conviction within the PI market.
PI Price Eyes All-Time Low
If sentiment stays poor, PI dangers revisiting its all-time low of $0.32. A breach of this value flooring might trigger the altcoin to the touch new lows within the close to time period.
Conversely, if demand picks up, PI might regain momentum and try and climb above its 20-day EMA at $0.36. If profitable, it might rally additional towards $0.40.
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