Pi Network Price Forecast: PI stalls below 50-day EMA as Protocol 28 upgrade nears

Pi Network (PI) extends losses below $0.090 on Monday, risking the 6% gains from last week's recovery. The Pi Core Team plans to roll out the next Protocol 28 upgrade on October 16, focused on improving transaction data handling and smart contract maintenance. Pi Network must reclaim the 50-day Exponential Moving Average (EMA) at around $0.091 to extend its recovery toward the $0.1000 psychological threshold.

Pi Mainnet upgrades push for smart contract functionalities

Pi Core Team, in a social media post on Saturday, confirmed the release of Protocol 27 on the mainnet, positioning it for the next Protocol 28 upgrade. The new release brings flexible smart-contract authentication and decentralized finance (DeFi) tools. The next upgrade focuses on improving transaction data handling and smart contract maintenance. Despite the new releases and scheduled releases, Pi Network faces downside pressure, capped below the $0.1000 threshold.

Technical outlook: Pi Network risks a steeper decline as momentum eases

Pi Network edges lower on Monday, extending its pullback below the 50-day EMA at $0.0918, which capped gains last week. The 100- and 200-day EMAs at $0.1006 and $0.1241 sit well above the spot price, keeping the near-term bias bearish.

The Fibonacci retracement from $0.1341 to $0.0704 highlights the upside barrier at the 50% retracement level of $0.0990, near the 100-day EMA at $0.1006. A confirmed breakout above this resistance cluster could target the 78.6% Fibonacci retracement at $0.1204.

Momentum on the daily chart shows neutral momentum marginally shifting bearish as the Relative Strength Index (RSI), around 47, dips below the midline, while the Moving Average Convergence Divergence (MACD) holds marginally above the signal line, reaffirming the lack of strong trend conviction.

On the downside, initial support aligns with the 23.6% Fibonacci retracement at $0.0827, ahead of the July 31 low at $0.0801 and the more important structural floor near the cycle low at $0.0704.

(The technical analysis of this story was written with the help of an AI tool. Know more.)