Pi Network (PI) faces delicate bearish strain: Check forecast

Key takeaways

• Pi Network (PI) is presently consolidating inside a descending wedge sample on the 4-hour chart.
• The deployment of cross-chain contracts on the BSC and OP testnets is a part of the continuing mainnet upgrades, increasing Pi Network’s capabilities.

PI extends consolidation inside descending wedge sample

Pi Network (PI) is buying and selling within the purple on Wednesday, down 1%, persevering with its consolidation inside a descending wedge sample on the 4-hour chart. 

Regardless of the present bearish worth motion, the technical outlook stays mildly bullish. PiChain International, a key participant throughout the Pi Network ecosystem, has lately 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 replace posted on X, PiChain International introduced the profitable deployment of cross-chain sensible contracts on two blockchain testnets: BSC (Binance Good Chain) and Optimism’s OP testnet, constructed on Ethereum. 

The transfer highlights the rising cross-chain performance inside Pi Network, increasing its capabilities. PiChain additionally plans to combine this performance into its PCM pockets, whereas briefly pausing its Meeta social app because of useful resource limitations.

This new improvement is a part of the Pi Core Workforce’s ongoing push for the mainnet improve, which has now reached Stellar Protocol v23 on Pi Network’s testnet. 

The mainnet nodes should full this improve by Friday to stay related to the community, and if profitable, the improve will unlock comparable cross-chain performance on the mainnet, broadening the utility of the PI token.

PI worth forecast: potential bullish breakout from descending wedge 

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

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

Brief-term momentum is recovering on the 4-hour chart. The Shifting Common Convergence Divergence (MACD) stays above its sign line, with optimistic histogram bars contracting towards the zero line. 

The Relative Power Index (RSI) is displaying a gradual rise within the mid-range at 46, whereas the worth holds above the important thing $0.1700 degree, signaling a optimistic divergence. 

If the bulls regain management, fast resistance is discovered on the short-term descending trendline round $0.1766. 

A sustained break above this resistance degree would assist carry the present cap and pave the way in which for a possible transfer towards the Could 6 excessive at $0.1881.

Nonetheless, if the market undergoes a correction, preliminary assist is on the psychological $0.1700 degree, adopted by the lively descending assist trendline close to $0.1670. 

If the worth breaks under this assist degree, it might set off a deeper pullback, probably weakening the broader consolidation construction.