Pi Network's PI Token Sees Brief Respite from Selling Pressure

The Pi Network's PI token has been experiencing a tumultuous time lately, but it appears to be taking a breather from its recent selling pressure. According to recent data, Centralized Exchange deposits have cooled down significantly, with only 176,831 PI tokens being deposited over the last 24 hours. This decline in CEX deposits limits the available supply on exchanges and reduces downside pressure.

The Pi Core Team is also actively working on upgrading the mainnet to protocol version 23, which is expected to be completed by May 15. The team has a ambitious plan to reach protocol version 26 before June 28, bringing smart contract functionality to the mainnet. This could potentially unlock real-world utility for the PI token and drive up its value.

However, despite these positive developments, the bears remain at a medium-term disadvantage. The 200-day EMA is currently sitting at $0.2302, which reinforces the prevailing bearish structure. Momentum signals are mixed, suggesting that the bulls have not yet regained control of the market.