Key takeaways

Pi Network (PI) is trading in the red on Wednesday, down 1%, continuing its consolidation within a descending wedge pattern on the 4-hour chart. 

Despite the current bearish price action, the technical outlook remains mildly bullish. PiChain Global, a key player within the Pi Network ecosystem, has recently deployed cross-chain contracts on the BSC and OP testnets, signaling that ongoing upgrades are bringing new capabilities to the Pi Network ecosystem. 

In an update posted on X, PiChain Global announced the successful deployment of cross-chain smart contracts on two blockchain testnets: BSC (Binance Smart Chain) and Optimism’s OP testnet, built on Ethereum. 

The move highlights the growing cross-chain functionality within Pi Network, expanding its capabilities. PiChain also plans to integrate this functionality into its PCM wallet, while temporarily pausing its Meeta social app due to resource limitations.

This new development is part of the Pi Core Team’s ongoing push for the mainnet upgrade, which has now reached Stellar Protocol v23 on Pi Network’s testnet. 

The mainnet nodes must complete this upgrade by Friday to remain connected to the network, and if successful, the upgrade will unlock similar cross-chain functionality on the mainnet, broadening the utility of the PI token.

The PI/USD 4-hour chart is bearish and efficient. At press time, Pi Network is consolidating between the $0.1700 mark and the May 9 high of $0.1766 on the 4-hour chart. 

This consolidation is bounded by two key trendlines—an overhead trendline from April 29 and May 6 highs, and a support trendline from April 30 and May 8 lows. 

Short-term momentum is recovering on the 4-hour chart. The Moving Average Convergence Divergence (MACD) remains above its signal line, with positive histogram bars contracting toward the zero line. 

The Relative Strength Index (RSI) is showing a steady rise in the mid-range at 46, while the price holds above the key $0.1700 level, signaling a positive divergence. 

If the bulls regain control, immediate resistance is found at the short-term descending trendline around $0.1766. 

A sustained break above this resistance level would help lift the current cap and pave the way for a potential move toward the May 6 high at $0.1881.

However, if the market undergoes a correction, initial support is at the psychological $0.1700 level, followed by the active descending support trendline near $0.1670. 

If the price breaks below this support level, it could trigger a deeper pullback, potentially weakening the broader consolidation structure.

The post Pi Network (PI) faces mild bearish pressure: Check forecast appeared first on CoinJournal.

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