Pi Network Price Prediction: Protocol v28 to push PI Coin to $0.10?
Pi Network price was trading at $0.0805 on Friday, October 16, up 4.58% in the last 24 hours. The recovery comes before the scheduled Protocol v28 Mainnet upgrade, which has drawn the attention of traders and developers. PI beat the broader cryptocurrency market, which increased 1.61% to a total market capitalization of $2.76 trillion.
Bitcoin traded near $82,106, Ethereum traded near $2,435 and XRP was trading near $1.33. Investors will now see if the latest network upgrade can help PI to rally further and break past the psychological $0.10 resistance level.
Protocol v28 Mainnet Upgrade Planned for October 16
Major development in Pi Network ecosystem with the Protocol v28 Mainnet upgrade. After the successful implementation of Protocol 27 on Mainnet, the Pi Testnet got ready for the next version. Node operators had to upgrade their software by October 13 in preparation for the anticipated Mainnet switch on October 16.
The update adds changes that are meant to help the network better deal with delayed transaction data. It also allows developers to upgrade sets of smart contracts en masse, potentially simplifying the management of applications. Also, better-saved app data might make safer changes possible and cut tech issues.
Such improvements could enhance the network’s infrastructure and improve the experience for developers building apps on the Pi ecosystem. However, the scheduled upgrade date does not imply that the Mainnet transition has been successfully completed.
The next key signal for PI investors will be if the upgrade drives increased network activity and continued buying pressure. Traders are also looking for any profit-taking after the recent price rebound.# Pi Network Announces First Ecosystem Summit in November
The Pi Core Team has announced the first Pi Ecosystem Summit, a three-day online event between November 17 and November 19. We will have platform developments, developer demos and application showcases with community builders and partner companies.
The event will also feature a brand new hackathon, with more details to come during the summit. These activities could shed further light on the developers’ plans for taking advantage of the capabilities introduced through recent protocol improvements.
Although the team doesn’t have a direct link between the summit and the Protocol v28 upgrade timeline, the event could underscore possible ways for ecosystem growth. The most meaningful development for PI holders would be applications that attract active users and generate consistent network demand.
Pi Network Price Prediction: Will PI Hit $0.10?
Technical hints indicate that PI still has some hurdles to clear before a strong bullish trend can be established. The RSI (Relative Strength Index) is at 40.43, below the 50 neutral level, which indicates that the buying momentum is still relatively weak. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator, with settings of 12 and 26 periods, is about zero and is neutral.
To the upside, $0.0850 is the initial recovery target. A clear break above this level could open the doors for a move toward the $0.0890 to $0.0900 resistance zone.
If buyers can push PI above this resistance, the $0.10 psychological level could be the next major target. That would mean a rise of about 24.2% from $0.0805 to reach that price.
Immediate support to watch is at $0.0800 in the meantime. A breakdown might pave the way for additional declines to $0.0780 and $0.0750. The latter is Thursday’s low and represents an important support area. Sellers are looking at cheaper prices below this floor, in the $0.0700-$0.0705 area.
Conclusion: Will Protocol v28 lead to a PI price rally?
The 4.58% daily jump in Pi Network’s price has outperformed the general market recovery, as the Protocol v28 upgrade and an upcoming ecosystem summit could be potential triggers for renewed interest. However, the technical indicators are still indicating caution, and PI needs to break the resistance near $0.0900 to boost the bullish outlook. A breakout could see $0.10 in view while a drop below $0.0750 would open up downside risks. The sustainability of the rally will hinge on buying momentum, successful network growth and increasing real-world application activity.
