Pi Coin Eyes May 15 PiScan Restart; 23% Breakout Target

Pi Coin has formed a cup-and-handle pattern since late March and is approaching a scheduled catalyst: the PiScan block explorer is set to resume operations on May 15 after a protocol upgrade. Technical levels put immediate resistance at $0.18 and a neckline at $0.19, with support at $0.16.

The cup portion of the pattern completed by late April. The handle has been consolidating in a descending channel through early May and has lasted longer than a typical textbook handle. Selling volume across the handle has contracted during the consolidation.

On the daily chart Pi Coin trades near $0.17. The Chaikin Money Flow indicator is about 0.10, a positive reading that indicates net inflows have persisted during the consolidation. The CMF is also testing an upper boundary of a descending trendline that has held since early March.

PiScan is undergoing a protocol upgrade to version 23. The maintenance affects indexing infrastructure and on-chain analytics and is scheduled to end May 15. The pause in publicly available on-chain data coincided with a drop in measured positive sentiment for Pi Coin, from a peak of 10.24 on May 8 to 1.49 while the explorer was offline.

Technical traders identify a daily close above $0.18 as necessary to keep a handle breakout scenario intact. A sustained move above $0.19, noted as the 0.786 Fibonacci level and the pattern’s neckline, projects a measured move toward $0.24, roughly a 23% advance from the breakout zone. A daily close below $0.16, the cup’s Fibonacci anchor, would largely invalidate the cup-and-handle structure.

Market participants will monitor price action, volume and the return of indexing data after PiScan resumes. Whether on-chain data and sentiment recover following the restart will factor into how the technical setup resolves in the coming sessions.