Pi Network Price Forecast: PI pauses decline amid Protocol v28 release on the testnet
- Pi Network stabilizes above $0.0870 on Tuesday after five consecutive bearish days.
- Pi testnet blocks confirm an update to the v28 protocol, with the mainnet rollout scheduled for October 16.
- The technical outlook for PI remains bearish, with momentum gaining downside traction.
Pi Network (PI) hovers around $0.0870 at press time, holding steady after five consecutive days of decline. The network upgrade to the v28 protocol on the testnet brings the ecosystem a step closer to mainnet adoption. The technical outlook for PI remains bearish as downside momentum persists.
Pi Network testnet upgrades to v28
Pi Network’s testnet explorer confirms that the latest blocks are settled on protocol version 28 following the recent mainnet upgrade to v27. This positions the mainnet for the next upgrade, which will improve the network's handling of delays in transaction data and enable developers to upgrade groups of smart contracts at once and to change stored data more safely as their applications develop.
Pi Node operators have until October 13 to update their nodes to support the mainnet protocol 28 upgrade on October 16.
Technical outlook: Pi Network halts decline near a critical support level
Pi Network hovers around $0.0874 at press time on Tuesday, maintaining a bearish bias. The PI token price remains below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at $0.0909, $0.0988, and $0.1215, respectively. This alignment of descending EMAs suggests rallies are likely to be capped by overhead supply.
Momentum on the daily chart shows a corrective bias, with the Relative Strength Index (RSI) near 45, crossing below its midline as downside momentum gains traction. At the same time, the Moving Average Convergence Divergence (MACD) declines below zero and the signal line, reinforcing a bearish bias.
On the downside, immediate structural support is at the 23.6% Fibonacci retracement level of $0.0866, measured from $0.1341 to $0.0704, with a deeper floor at the $0.0704 swing low if selling pressure intensifies.
On the topside, initial resistance emerges at the 50-day EMA at $0.0909, followed by the 100-day EMA at $0.0988. A sustained break above this clustered band would be needed to ease bearish pressure and open the way toward the 50% retracement at $0.1049.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
