Pi coin has returned to the $0.50 mark! The new version of Pi Node upgrade has been launched, and the technical aspect shows a bullish tendency.

Pi Network (PI) reported at 0.5014 USD during the Asian early session today (11th), gradually recovering from last week's 12% fall. The launch of the new Pi Node aims to improve the node initialization process. As Pi coin approaches the breakout of the Adam and Eve pattern on the 4-hour chart, the technical outlook shows a bullish tendency.

After the new version is released, Pi Node nodes remain centralized

Pi Node is a device connected to the Pi network, which helps achieve the decentralization, security, and transaction verification of the network. On Thursday, Pi Node version 0.5.3 was officially released, focusing on enhancing the robustness of node initialization.

PiScan data shows that on Thursday, there were 99 active Nodes in the Pi Network, with South Korea leading the way with 23 connected Nodes. However, due to the fact that there are only 10 validators and 792 known peer Nodes in total, there is a lack of decentralization.

(Source: PiScan)

PI coin is expected to further pump as it approaches a breakout pattern

As of the time of publication on Thursday, the Pi coin has slightly risen, gradually approaching the psychological barrier of $0.50. The rebound of the Pi coin has exceeded the resistance level of $0.4734, which forms the neckline of the Adam and Eve pattern.

Generally, the Adam and Eve pattern indicates a bullish reversal after the current downtrend. If the daily closing price can break through 0.4734 USD, it will release the bullish momentum trapped in the pattern.

The potential upward trend of Pi coin may target the level of 0.5015 USD, with the last test on July 3.

The technical indicators on the 4-hour chart show a surge in bullish momentum, as the Moving Average Convergence Divergence ( MACD ) indicator shows a series of green histograms rising above the zero line.

Additionally, the Relative Strength Index (RSI) is at 62, gradually approaching the overbought territory. Cautious investors must be vigilant, as indicators on the 4-hour chart may experience a sharp reversal.

The downside is that a reversal of the Pi coin from the resistance level of 0.4734 USD could lead to a retest of the level at 0.4523 USD, which was the low on July 7.

(Source: Trading View)