Pi Network Price Falls Despite Protocol 21 Success Amid Upcoming Upgrade

Pi Network has faced a decline in its price despite the recent success of the Protocol 21 upgrade. This upgrade aimed to increase the network's stability, performance, and scalability. However, the price drop fails to mirror the rest of the crypto market, which experienced an increase in total market cap.

According to reports, the Pi Network team has confirmed that the v22 upgrade is on its way, which will further improve the network's capabilities. This upgrade is expected to enhance smart contract features and pave the way for developers to join the network.

The current price of $0.164 with $15 million in trading volumes indicates a decline of 1.2%. However, a bullish divergence on the daily chart suggests that a rebound could happen. The recent bearish crossover of the 50-day SMA below the 100-day SMA confirms that bears are in control.

The MFI index shows a glimmer of hope for bulls as it rises with a series of higher lows. This could mean that the downtrend is losing steam, and buyers could be buying at lower prices. If the bullish MFI results in an upward trend reversal, Pi Network price will first target the resistance level at the 61.8% Fib level at $0.177.