Pi consolidates below $0.10 as Protocol 27 mainnet upgrade approaches

Key takeaways:

• The Pi Core Team has introduced Protocol 27 on the Pi Testnet, paving the way for advanced smart contract authentication.
• A mainnet migration to Protocol 27 is scheduled to take place on September 15.
• PI faces immediate technical resistance at $0.1022, with a successful breakout potentially opening the door for a move toward $0.1204.

Pi Network is trading in the red this Monday, following a gain of more than 6% last week, with its price currently hovering near $0.0880.

Although the cryptocurrency has managed to hold above the $0.0800 level, it continues to face persistent overhead resistance below $0.1000.

Despite its recent upward movement, momentum indicators suggest that PI has not yet generated the buying pressure required to sustain a breakout.

This mixed technical outlook comes as developers prepare for a major network upgrade designed to bring advanced authentication features to applications and transactions.

Pi Core Team Introduces Protocol 27 on Testnet

On Saturday, the Pi Core Team announced the launch of Protocol 27 on the Pi Testnet. Because the Pi Network is built on the Stellar Consensus Protocol, this update integrates the latest Stellar network configurations into Pi’s testing environment.

According to the Pi Core Team’s announcement, Protocol 27 will support new smart contract authentication features.

The upgrade is designed to provide more sophisticated methods for both applications and users to verify and authenticate transactions.

Deploying the protocol on the testnet first allows developers to thoroughly evaluate its performance and stability before it is implemented on the Pi Network mainnet.

The Pi Core Team is targeting September 15 for the official mainnet release of Protocol 27. Once live, the upgrade is expected to expand the authentication options available to decentralized applications running on the network.

While this update represents a significant technical milestone for PI, its immediate impact on the token’s market price remains uncertain.

Market participants are expected to monitor progress toward the mid-September launch date alongside broader trends in the cryptocurrency market.

PI Remains Trapped Below the $0.1022 Resistance

PI is currently consolidating within a technical range established during its prior decline from $0.1341 down to $0.0703.

Immediate support for the token is located near $0.0853, while the primary obstacle to further gains sits at $0.1022.

The $0.1000 psychological level also remains a significant hurdle for buyers. A confirmed breakout above $0.1022 would signal a positive shift in momentum, potentially clearing the way for a rally toward the next major resistance level at $0.1204.

However, because PI remains below these key levels, it suggests that bulls have not yet established firm control over the market.

The daily Moving Average Convergence Divergence (MACD) indicator is hovering slightly in positive territory and remains above its signal line.

This suggests that some baseline buying demand persists, though the signal is currently too weak to confirm the start of a sustained upward trend.

Meanwhile, the Relative Strength Index (RSI) is positioned near 48, indicating neutral market conditions where neither buyers nor sellers hold a distinct advantage.

Together, these technical indicators suggest that PI is likely to continue its sideways consolidation until a stronger catalyst drives the price out of its current range.

The first critical level of defense for PI is the support at $0.0853. A break below this threshold could expose an ascending trendline near $0.0785.

If selling pressure intensifies, the token could decline further to retest its previous swing low at $0.0703.

For now, PI’s short-term direction depends on whether buyers can hold the $0.0853 support floor and gather enough strength to challenge the resistance levels near $0.1000 and $0.1022.