The network is updating its protocol: Why doesn’t the price move?
Despite the main update of version 23 of its protocol, PI Network is trying to evoke market enthusiasm. In the sector where every innovation is explored to revive the bull momentum, the notification of technical progress inspired by the 23 star protocol, and the integration of new features was not enough to power its token. This mismatch between technological progress and the inertia of the stock market requires the project capacity to convert its development to actual value.
In short
- Pi Network deploys its V23 update, a key step built on Stellar 23.
- The transition is carried out in several steps, from Testnet1 to Testnet2 before the main inclination to the mainnet.
- The price of the token pi stagnates to $ 0.34, below its exponential mobile diameter after 20 days set at $ 0.36.
- The risk of returning to $ 0.32 is real, with the exception of permanent resistance to $ 0.36, which can re -leave the course to $ 0.40.
Main but discreet technological development
While the crypto approached the new collapse followed by the investor’s massive leak, PI Network announced 27th August to gradually start its upgrade to version 23 of its protocol, which is a strategic step based on Stellar Protocol 23.
This new version presents new features and controls for blockchain. The aim is to strengthen the network structure in the preparation of the ecosystem for its future opening to the general public.
The deployment of this update is governed by progressive logic. According to official information, the transition follows three steps:
- TESTNET 1: Already active at the time of notification serves as an initial test bench;
- TESTNET 2: Another phase planned in the coming weeks will increase tests to the second layer of validators;
- Mainnet: The last step of the transition to version 23 across the network.
By integrating Stellar 23, the PI network seeks to strengthen stability, improve scalability and increase compatibility between chains. Despite the scope of the technical site, however, no significant reaction has been reported on the market and communication around the exact migration calendar remains limited.
This relative silence contributes to the mixed perception of the update that remains for the duration of the technical sphere and is not very visible in the eyes of the general public.
Inertia of price revealing skepticism
On the side of the market, the observation is clear: the price of PI remains at $ 0.34, below the exponential mobile diameter of 20 days at $ 0.36, which now represents a technical resistance.
This configuration reflects a growing sales pressure that prevents any significant reflection, despite the announcement of the update. Worse, the flow of money Chaikin Money (CMF), a capital flow indicator, is set up at -0.11, a clearly lower signal that shows the outputs of funds better than items. In other words, investors’ trust remains insufficient to revive dynamics.
This technical weakness associated with the absence of a strong narrative catalyst is the real risk of returning to the historic DNA $ 0.32. If this threshold has given up, it would be possible to achieve a new lower one, which further threatens the short -term credibility of the token.
However, in the event of a reversal of the feeling and a clear transition over $ 0.36, a possible up -up target could be around $ 0.40. This would mean the inversion of the current chain data, still far from the opening.
This dichotomy between the technical progress and inertia of the market challenges the perception of the PI network. The actual acceptance of the protocol, the clarity of its tokenomics, and in particular the complete opening of its mainnet, is likely to unlock bonuses and frozen PI sales, remains so many conditions necessary for the hope of changing the trajectory. In the current state, the development towards the V23 seems to be a discrete procedure, relevant to the technological level, but also disconnected from the expectation of the market crypto.
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A graduate of the Toulouse and the Blockchain Consultant Certification certification holder and I joined the adventure of Cointribuna in 2019. I convinced of the potential of blockchain to transform many economy sectors, committing to raising awareness and informing the general public about how the ecosysty developed. My goal is to allow everyone to better understand blockchain and take the opportunity they offer. I try to provide an objective analysis of messages every day, decrypt trends on the market, hand over the latest technological innovations and introduce the economic and social issues of this revolution.
Renunciation
The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.