The cryptocurrency market has been bullish over the past 24 hours, with Bitcoin briefly topping the $78,100 level.

Ether is also approaching $2,400, while XRP has flipped BNB to become the fourth-largest cryptocurrency by market cap.

However, Pi Network (PI) is trading around $0.1700 at press time on Wednesday, down by less than 1% in the last 24 hours. 

The launch of smart contracts on the Pi Testnet under a subscription model marks functionality-focused expansion through consistent protocol upgrades.

However, that wasn’t enough to push PI’s price higher in the near term.

Meanwhile, the over 30 million Pi tokens released by the Pi Foundation outweigh the roughly 2.75 million Pi tokens withdrawn from Centralized Exchanges (CEXs).

This could lead to further selling pressure. 

PI is down by less than 1% in the last 24 hours despite the Pi Network announcing the launch of its first smart contract capability on its testnet.

The launch comes thanks to the project’s ongoing push for protocol upgrades.

Pi Network is built on the Stellar blockchain, with the mainnet having completed its upgrade to version 22. The network intends to reach version 26 by June. 

Pi Core Team has released a second Pi Request for Comment (PiRC2) for a technical review and community feedback on the subscription-based smart contract functionality.

The new feature, expected with the version 26 release, will add utility to the PI token and could boost investors' confidence. 

However, this network upgrade failed to push PI’s price higher due to the pressure from the growing token supply.

Pi Network’s second migration phase, which enables Know Your Customer (KYC)-verified users to transfer PI tokens to CEXs from the testnet. 

The release of locked PI tokens from Pi Foundation serves as a consistent downside pressure on the spot price. 

According to PiScan, the Pi Foundation wallets released 30.54 million tokens in the last 24 hours, while CEXs' data shows 2.73 million PI tokens in outflows.

The imbalance suggests an attempt to absorb the incoming supply pressure.

PI rallied to the $0.217 level on April 17 but has underperformed since then.

At press time, it is trading at $0.16995, below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which collectively frame a capped bias.

The Moving Average Convergence Divergence (MACD) remains above the signal line, but the positive declining histogram bars suggest a weakening bullish momentum. 

The Relative Strength Index (RSI) on the 4-hour chart at 45 suggests subdued momentum, indicating that the recent upside attempts lack strength.

If the bearish trend persists, the April 13 low at $0.1633 would serve as the immediate support level.

A break below this level would expose fresh lows targeting the February 23 and 11 lows at $0.1556 and $0.1310, respectively.

However, if the bulls regain control, initial resistance emerges at the 50-day EMA at $0.1774.

The 100-day EMA at $0.1858 reinforces a nearby resistance ahead of the falling channel pattern.

The post PI remains in red despite the launch of smart contracts on testnet appeared first on Invezz

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