Pi Network (PI) rose approximately 3% to around $0.0809 on Tuesday after falling more than 4% in the previous session. The recovery comes as Pi node operators face an October 13 deadline to adopt Protocol 28, an upgrade intended to improve transaction-data handling and smart-contract management. Despite the rebound, technical indicators remain bearish, with PI trading below key moving averages. The $0.0774 area is the immediate level to watch: holding it could support a double-bottom formation, while a decisive break lower would increase the risk of another decline.
Protocol 28 Upgrade Reaches Deadline
The Pi Core Team has set October 13 as the deadline for node operators to upgrade to Protocol 28 ahead of a planned Mainnet upgrade on October 16. The development follows the completion of the Protocol 27 Mainnet upgrade and the deployment of Protocol 28 on Testnet, according to the team’s announcement. Pi Network’s official announcements describe the upgrade as a step toward improving how the network handles delays in transaction data.
Protocol 28 also enables developers to upgrade groups of smart contracts together and modify stored data more safely as applications evolve. These changes could improve development workflows, but the upgrade deadline alone does not guarantee greater demand for PI or an immediate increase in its market price.
Traders are therefore balancing the network’s technical progress against a weak price trend. The key question is whether the upgrade can help sentiment while buyers defend the token’s recent lows.
PI Technical Analysis: Reversal or Relief?
PI trades below its 50-day and 200-day exponential moving averages (EMAs), positioned near $0.0885 and $0.1236, respectively. Both averages remain above the current price, reinforcing the broader downtrend. The 14-day Relative Strength Index (RSI) is around 39, indicating weak momentum, while the MACD indicator remains negative.
The recent rebound from $0.0774 raises the possibility of a double bottom, a chart pattern in which price tests a similar support area twice before attempting a recovery. However, the pattern is not confirmed until price moves higher through meaningful resistance.
Key levels for traders include:
- Support: $0.0774, the previous week’s low.
- Downside target: $0.0704, the cited record low.
- Initial resistance: $0.0866, the 23.6% Fibonacci retracement.
- Major recovery barrier: Around $0.0885–$0.0886, near the 50-day EMA.
- Higher target: $0.1049, the 50% Fibonacci retracement.
A sustained break above the resistance cluster near $0.0886 would strengthen the recovery case. Conversely, a daily close below $0.0774 could expose PI to renewed selling toward $0.0704.
Conclusion:
Pi Network’s 3% rebound offers tentative relief, but the bearish trend remains intact while PI trades below its major moving averages. Protocol 28 marks an important development milestone, yet price confirmation remains essential. Holding $0.0774 could allow a double-bottom pattern to develop; losing that level would put $0.0704 back in focus. Until PI reclaims the $0.0866–$0.0886 resistance zone, the recovery remains vulnerable to renewed selling.
Sources & Methodology
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