What happened?
Pi Coin, one of the major players in the crypto world, is facing a bearish market prediction. Despite this, the Pi Core Team is pushing ahead with upgrades to boost performance and compliance. The latest Pi Node Docker includes Stellar Core v23 and Horizon v23, marking the initiation of the V23 upgrade. However, this news resulted in only a small bounce, with Pi Coin up about 3% in the past 24 hours and 4% on the week.
Who does this affect?
This primarily impacts Pi Coin holders and potential investors. As the price action has leaned bearish, anyone owning or considering buying Pi Coin might be concerned. Furthermore, as network upgrades are rolled out, Pi Coin’s network is expected to temporarily go offline, which could lead to increased price pressure – a common occurrence in the crypto world.
Why does this matter?
The patterns forming in Pi Coin’s price action could be significant indicators in the crypto market. A bearish Head-and-Shoulders pattern has been seen, which might signal a difficult time ahead for Pi Coin, potentially driving its price down. This situation is a critical reminder of the volatility of the cryptocurrency market and can serve as an important consideration for current and prospective investors.