Pi Network Price Slips Below $0.0800 Amid Technical Pressure
Pi Network has traded near $0.0785 as negative daily momentum tests support levels and indicators signal ongoing technical headwinds.
Pi Network ($PI) has slipped below $0.0800 as negative daily momentum puts the lower edge of a proposed double-bottom formation under pressure, according to CryptoNews. TradingView data from the OKX PI/USDT daily chart showed the token trading at $0.07856 on Oct. 8, down 2.96% for the session.
The token touched a daily low of $0.07713 after reaching $0.08300, leaving it below the $0.0800 level. On the weekly chart, PI declined by roughly 10.14% from a weekly opening price of $0.08731 to $0.07845.
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Technical Indicators Remain Bearish
Daily Supertrend resistance stood at $0.09267, positioned above the current market price, while the daily MACD remained below zero with its line at approximately minus 0.00200. Weekly Bollinger Bands placed the midpoint at $0.10151 and the lower band at $0.06030.
An analyst identified a potential double-bottom setup with support holding between $0.075 and $0.080, noting that a loss of that area would weaken the bullish structure. Reaching the proposed neckline between $0.105 and $0.110 would require a gain of approximately 40% from current support levels.
Protocol Upgrade Deadlines Approach
Pi Network has announced that its testnet has upgraded to Protocol 28, setting Oct. 13 as the node upgrade deadline ahead of a scheduled mainnet upgrade on Oct. 16. The protocol update improves the handling of delayed transaction data and allows developers to update groups of smart contracts and stored application data more safely.
Separately, the project reported that its September verification changes allowed over 417,000 users previously flagged for possible duplicate accounts to progress through KYC, alongside a planned fix for 497,000 users blocked by insufficient balances for transaction fees.
Key facts
- Pi Network traded at $0.07856 on Oct. 8, down 2.96% for the daily session.
- The weekly chart showed a decline of 10.14% from an opening price of $0.08731.
- Daily Supertrend resistance stood at $0.09267, while the daily MACD remained below zero.
- Weekly Bollinger Bands set the lower band at $0.06030 and the midpoint at $0.10151.
- Pi Network set an Oct. 13 node upgrade deadline for Protocol 28 ahead of an Oct. 16 mainnet upgrade.
Source: crypto.news
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