Hassan Maishera
TL;DR
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Pi Network (PI) has dropped below $0.1500 amid sustained bearish pressure, with price action remaining well under key moving averages.
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Despite a scheduled mainnet upgrade to Stellar protocol version 24 set for June 2, market sentiment remains weak.
Pi Network (PI) is facing renewed selling pressure, slipping below $0.1500 at the time of writing on Wednesday as bearish momentum continues to dominate short-term price action.
Mainnet Upgrade Set for June 2
The Pi Core Team has confirmed a major mainnet upgrade scheduled for June 2, targeting an update to Stellar protocol version 24. Since Pi Network’s underlying framework is adapted from the Stellar blockchain, the upgrade is part of ongoing efforts to improve functionality and system performance.
In an official update shared via X (formerly Twitter), the team emphasized that all mainnet nodes must complete the upgrade by the deadline to avoid potential downtime.
The Pi Mainnet is upgrading to Protocol 24 – Deadline: June 2.
— Pi Network (@PiCoreTeam) May 27, 2026
The Pi Mainnet has successfully upgraded to Protocol 23. All Mainnet nodes are required to complete this step before the deadline to remain connected to the network.
Details here: https://t.co/9VehO7hhj1
Despite this technical progress, retail interest around the upgrade appears to be fading, even as the token’s price continues to decline.
Technical Indicators Signal Persistent Downtrend
The PI/USD 4-hour chart is bearish as PI is down by 3% in the last 24 hours. Pi Network is edging closer to $0.1400, extending its bearish structure while remaining firmly below key moving averages.
The 50-, 100-, and 200-period EMAs are positioned at $0.1507, $0.1564, and $0.1634, respectively, reinforcing strong overhead resistance.
This alignment of EMAs confirms a sustained downtrend, with price action unable to reclaim any major support levels.
The Relative Strength Index (RSI) has dropped to around 28 on the 4-hour chart, placing PI in oversold territory. However, this has not yet translated into a meaningful rebound.
Meanwhile, the Moving Average Convergence Divergence (MACD) continues to trade below its signal line, indicating that bearish momentum remains intact even as short-term selling pressure appears stretched.
On the downside, immediate support is located at the S2 Pivot Point near $0.1410, with further risk extending toward $0.1357 (S3 Pivot Point) if selling pressure continues.
On the upside, initial resistance is seen at $0.1449, near the previously broken support level of $0.1463.
A recovery above this zone would bring the 50-period EMA at $0.1507 back into focus as the next major hurdle.
While technical indicators suggest PI is oversold in the short term, the broader trend remains decisively bearish unless the price can reclaim key moving averages and stabilize above the $0.1500–$0.1560 range.
