Pi Network (PI) is currently priced at approximately $0.0870, having stabilized after experiencing five days of decline. The upgrade to the v28 protocol on the testnet is a significant step towards the eventual mainnet adoption. However, the technical indicators for PI suggest a continued bearish trend as the downward momentum lingers.
Pi Network testnet upgrades to v28
According to the Pi Network’s testnet explorer, the latest blocks have been confirmed on protocol version 28 after the prior upgrade to version 27. This sets the stage for the mainnet’s next upgrade, which aims to address delays in transaction data management and allow developers to upgrade multiple smart contracts simultaneously while ensuring data modification is safer as applications evolve.
Pi Node operators need to update their nodes by October 13 to prepare for the mainnet protocol 28 upgrade scheduled for October 16.
Technical outlook: Pi Network halts decline near a critical support level
As of Tuesday, Pi Network’s value is around $0.0874, maintaining a bearish outlook. The PI token trades below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), currently at $0.0909, $0.0988, and $0.1215, respectively. This downward alignment of EMAs indicates that any potential rallies may face resistance from overhead supply.
The daily chart’s momentum displays a corrective trend, with the Relative Strength Index (RSI) near 45, dipping below its midline as the downside momentum strengthens. Concurrently, the Moving Average Convergence Divergence (MACD) is also below zero and the signal line, further supporting a bearish stance.
On the downside, immediate support is identified at the 23.6% Fibonacci retracement level of $0.0866, calculated from the high of $0.1341 to the low of $0.0704. If selling pressure escalates, a deeper support level appears at $0.0704.
On the upside, initial resistance is found at the 50-day EMA at $0.0909, with subsequent resistance encountered at the 100-day EMA of $0.0988. A solid breakthrough above this clustered resistance would be necessary to alleviate bearish pressures and pave the way towards the 50% retracement level at $0.1049.
