Pi Network’s PI token remains under pressure as traders assess weak momentum and an approaching network upgrade. PI traded near $0.08902, down 2.61% over 24 hours. However, the token gained 2.25% during the past week. Its market capitalization stood near $1 billion, with 11 billion PI circulating.
Trading volume reached about $6.43 million during the latest 24-hour period. The price remains below several major moving averages, keeping the broader trend cautious.
PI recently rebounded from a low of $0.08019, giving buyers a chance to rebuild support. However, the recovery has yet to overcome key technical barriers.
The 20-day EMA sits at $0.09001, while the 50-day EMA stands at $0.09180. Additionally, PI remains below the 100-day EMA at $0.10110. The 200-day EMA sits considerably higher at $0.13419.
The Fibonacci structure adds another hurdle near current prices. The 0.382 Fibonacci level sits around $0.09025. Hence, PI needs sustained buying pressure above this area to improve its short-term setup.
A move beyond $0.09180 could bring $0.09938 into focus. Moreover, a break above $0.09938 could open the way toward $0.10460. The next upside level stands around $0.11124.
On the downside, $0.08752 remains an important nearby support zone. Consequently, a break below that level could retest $0.08019.
Besides the technical picture, Pi Network faces an important development in October. The network plans to move Mainnet to Protocol 28 on October 16.
Node operators must complete their upgrades by October 13. The upgrade follows Protocol 27, which recently reached Mainnet.
Protocol 28 introduces several changes focused on network operations and smart contracts. These include improved delay handling and batch updates for linked contracts.
Additionally, the upgrade should make certain data changes safer for applications. However, these changes mainly target network infrastructure rather than everyday users.
The upgrade arrives as Pi continues expanding its ecosystem infrastructure. The Pi BlockExplorer now includes a Launchpad Tokens section on Mainnet.
The section currently lists no tokens. However, testnet projects such as IRRA and SLICE provide examples of potential launch activity.
Protocol 27 also established groundwork for swaps and liquidity pools. Meanwhile, Pi’s decentralized exchange tools remain under testing.
Significantly, the network continues addressing KYC and Mainnet migration issues. Therefore, adoption developments could remain important for PI alongside its technical structure.
Key levels remain well-defined heading into October:
Upside levels: $0.09025 and $0.09180 are immediate hurdles. A breakout above these levels could push PI toward $0.09938 and $0.10460. Further strength could expose $0.11124.
Downside levels: $0.08752 provides near-term support, followed by the stronger $0.08019 floor. A break below $0.08019 could signal renewed downside pressure.
Resistance ceiling: $0.10110, marked by the 100-day EMA, remains an important level for a broader recovery. The 200-day EMA at $0.13419 represents a much higher long-term barrier.
The technical picture suggests PI remains trapped in a bearish-to-neutral structure. Price trades below the 20-day EMA at $0.09001 and 50-day EMA at $0.09180. Additionally, the CMF remains negative at -0.11, signaling continued selling pressure.
Pi Network’s October outlook hinges on whether buyers can defend $0.08752. Holding this level could allow PI to challenge the $0.09025–$0.09180 resistance cluster.
A decisive move above $0.09180 could shift attention toward $0.09938. Moreover, a breakout above $0.09938 could open the path toward $0.10460 and $0.11124.
The October 16 Protocol 28 upgrade adds another potential catalyst. However, the upgrade mainly targets network infrastructure and developer tools. Hence, its impact on PI demand may depend on broader ecosystem activity.
Failure to hold $0.08752 could expose PI to $0.08019. Losing that floor would weaken the recent recovery structure further.
For now, PI remains at a pivotal technical zone. Consequently, price reaction around $0.09025 and $0.08752 could help define the next major move.
