Key takeaways
- The Pi Core Team introduced Protocol 27 on the Pi Testnet, enabling preparations for advanced smart contract authentication.
- A mainnet upgrade to Protocol 27 is scheduled for September 15.
- PI faces resistance at $0.1022, with a breakout potentially opening a move toward $0.1204.
Pi Network is trading lower on Monday following a gain of more than 6% last week, with its price hovering around $0.0880.
The cryptocurrency remains above the $0.0800 level but continues to face resistance below $0.1000.
Despite the recent advance, momentum indicators suggest that PI has not yet developed sufficient buying pressure to sustain a breakout.
The mixed technical outlook comes as developers prepare a network upgrade that could introduce additional authentication capabilities for applications and transactions.
Pi Core team introduces protocol 27 on testnet
The Pi Core Team announced Saturday that it had released Protocol 27 on the Pi Testnet. Pi Network is built on the Stellar Consensus Protocol, and the update incorporates the latest Stellar network protocol into its testing environment.
According to the Pi Core Team’s announcement, Protocol 27 will support new smart contract authentication capabilities.
The upgrade is intended to provide more advanced methods for applications and users to authenticate transactions.
Introducing the protocol on the testnet allows developers to evaluate its functionality before deployment on Pi Network’s mainnet.
The Pi Core Team is targeting September 15 for the mainnet rollout of Protocol 27. Once activated, the upgrade could expand the authentication options available to applications operating on the network.
The update represents a potential technical catalyst for PI, although its immediate effect on the token’s price remains uncertain.
Market participants are likely to monitor progress toward the September deadline alongside broader cryptocurrency market conditions.
PI remains trapped below the $0.1022 resistance
Pi Network is consolidating between technical levels associated with its previous decline from $0.1341 to $0.0703.
Immediate support sits near $0.0853, while the main upside barrier is located at $0.1022.
The $0.1000 psychological level also remains an important threshold for buyers. A confirmed breakout above $0.1022 would signal improving momentum and could open the path toward the next major resistance level at $0.1204.
However, PI remains below these levels, suggesting that buyers have yet to establish control.
The daily Moving Average Convergence Divergence indicator remains slightly positive and above its signal line.
This suggests that some underlying buying demand is still present, although the signal is not strong enough to confirm a sustained rally.
Meanwhile, the Relative Strength Index stands near 48, indicating broadly neutral market conditions.
An RSI reading near 50 typically suggests that neither buyers nor sellers have a clear advantage.
Together, these indicators support the possibility that PI will continue consolidating until a stronger catalyst pushes the price beyond its current range.
The first significant support level for PI is $0.0853. A break below this area could expose the rising trendline near $0.0785.
If selling pressure intensifies, the token could revisit its previous swing low at $0.0703.
For now, PI’s near-term direction depends on whether buyers can defend the $0.0853 support area and build sufficient momentum to challenge resistance near $0.1000 and $0.1022.
The post Pi consolidates below $0.10 as Protocol 27 mainnet upgrade approaches appeared first on CoinJournal.
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