Pi Network Slides Below $0.08 Ahead of Protocol 28 Upgrade
Pi Network's PI token slipped below $0.08 ahead of the scheduled Oct. 16 Protocol 28 mainnet upgrade, showing weakening daily momentum.
Pi Network's native token slipped below $0.08 ahead of its scheduled Oct. 16 Protocol 28 mainnet upgrade, according to data from CryptoNews. TradingView charts showed the token trading at $0.07894, down 1.55% on the daily timeframe.
Technical Indicators Show Bearish Momentum
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Daily Relative Strength Index (RSI) stood at 35.51, remaining below its signal average and the neutral 50 level. On the 4-hour chart, the Supertrend indicator remained bearish with resistance positioned at $0.08300. The Bollinger Bands placed the middle 20-day simple moving average at $0.08607, with the upper band at $0.09526 and the lower band at $0.07687.
Network Upgrade Details
The price movement coincides with the network's scheduled Protocol 28 upgrade following an Oct. 13 node upgrade deadline. According to project announcements, Protocol 28 improves the handling of delayed transaction data, allows developers to upgrade groups of smart contracts together, and changes stored application data more securely. The network also recently discussed potential stablecoin integrations with Open Standard for its Open USD (OUSD) ecosystem.
Key facts
- PI traded at $0.07894, down 1.55% on the daily chart.
- Daily RSI was registered at 35.51.
- Protocol 28 mainnet upgrade is scheduled for Oct. 16.
- The 4-hour Supertrend resistance line was positioned at $0.08300.
- Daily Bollinger Bands set the lower band at $0.07687 and upper band at $0.09526.
Source: crypto.news
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