Pi Coin may rise 23% if PiScan returns May 15

Pi Coin has formed a cup-and-handle pattern on the daily chart that began in late March and completed the cup in late April. The token traded near $0.17 as a descending-channel handle developed through early May.

PiScan, the block explorer for the Pi Network, is under a protocol upgrade to version 23 and is scheduled to resume indexing and analytics on May 15. The maintenance has reduced on-chain data availability for traders and analysts.

On-chain positive sentiment fell from 10.24 on May 8 to about 1.49 during the maintenance window. Trading volume across the handle has compressed while selling activity declined, keeping the pattern intact despite an extended consolidation.

Key technical levels are defined on the daily chart. Support sits at $0.16, the floor of the cup and the 0 Fibonacci anchor. A daily close below $0.16 would largely invalidate the cup-and-handle structure. Resistance is at $0.18; a clean daily close above that level would confirm a handle breakout. A move past $0.19, near the 0.786 Fibonacci retracement, would confirm a neckline breakout.

Applying the pattern’s measured move from the breakout zone projects a target near $0.24, roughly 23% above the breakout range.

The Chaikin Money Flow indicator is around 0.10 and is testing the upper edge of a descending trendline that has held since early March, indicating that larger money flows have not turned negative.

Market participants tracking price and on-chain signals will focus on the sessions following May 15 to see whether PiScan’s return restores data flow and sentiment. If PiScan remains offline or price closes below $0.16, the cup-and-handle thesis would be undermined.