Pi Network holds key support amid Testnet’s upgrade to Protocol 27

Pi Network (PI) trades in the red on Monday, easing after a gain of over 6% last week. Pi Core Team released Protocol 27 on Pi Testnet on Saturday, opening the door to new smart contract authentication capabilities. The technical outlook for PI remains mixed as the price lacks momentum and remains capped below $0.1000.

Pi Testnet upgrade

Pi Network, built on the Stellar Consensus Protocol (SCP), is heading toward new smart contract authentication capabilities. Pi Core Team, in a social media post on Saturday, announced the release of the new Stellar network Protocol 27 to the Pi Testnet. 

Core Team targets the Pi Mainnet upgrade to Protocol 27 on September 15, which would enable advanced ways for mainnet apps and users to authenticate transactions.

Technical outlook: Could PI extend gains above $0.10?

Pi Network trades around $0.0880 on Monday, maintaining a neutral near-term tone as the price consolidates above $0.0800. From a technical perspective, PI remains trapped between 23.6% and 50% retracement levels of the downswing from $0.1341 to $0.0703, at $0.1022 and $0.0853, respectively.

The Moving Average Convergence Divergence (MACD) remains marginally positive above its signal line on the daily chart, hinting at tentative underlying demand. At the same time, the Relative Strength Index (RSI) around 48 keeps momentum broadly neutral, reinforcing the notion of consolidation.

For a sustained rally, PI must sustain a confirmed breakout above $0.1022, which could open the path toward the 78.6% Fibonacci retracement level at $0.1204.

Looking down, the key support for PI remains at $0.0853, followed by the near-term rising trendline around $0.0785 and the $0.0703 swing low.

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