Pi Coin Technicals Turn Bearish Despite Network Upgrades - Here’s What You Need to Know

Pi Network's cryptocurrency is showing concerning chart patterns despite ongoing technological advancements. A clear head-and-shoulders formation indicates persistent downward pressure, with the token managing only a 3% gain following the announcement of its V23 protocol upgrade.

The Core Team's deployment of stellar Core v23 and Horizon v23 brings significant performance improvements, yet market response remains muted. Testnet1's progression from protocol version 19 to 22 represents important steps toward enhanced functionality, though upcoming network downtime during upgrades could potentially increase selling pressure.

Technical analysts highlight the divergence between fundamental development and price action. With most forecasts leaning bearish, PI's 4% weekly gain appears vulnerable against the looming chart pattern. Historical data suggests network interruptions often amplify volatility during such technical formations.