Pi Network's price has bounced above $0.08 to $0.08137 on October 16, gaining 1.74% from the previous session's low of $0.07922. According to TradingView analysis, the token traded within the range of $0.07922 to $0.08195 during the session, positioning it near the lower end of its recent trading range. The daily RSI stands at 35.51, below both its signal average of 40.52 and the neutral 50 level, indicating weakening momentum and supporting a bearish technical outlook. The mobile-mining altcoin's price has dipped from its $3 all-time peak back in March 2025 to roughly $0.079 currently, as it attempts to restore the $0.08 resistance line ahead of the crucial upgrade.
Crypto With Gopal has identified a potential triple bottom around $0.07–$0.08 and suggests a breakout above $0.11 could open a move toward $0.16. The nearest hurdle sits at $0.08496, where the daily chart's 20-day simple moving average resides, requiring a gain of approximately 4.4% from the current price of $0.08137. Beyond the average, the upper Bollinger Band stands near $0.094, followed by September's recovery area around $0.10. The proposed $0.16 target is more distant, at approximately 97% above $0.08137, remaining conditional on the breakout rather than a target established by the current rebound. The bullish case faces an obstacle as PI found buyers near these lows before, but the previous recovery ran out of strength around $0.10.
Pi Network has announced that its testnet has upgraded to Protocol 28 following the completion of Protocol 27 on mainnet. According to the network's announcement, Protocol 28 improves handling of delayed transaction data and allows developers to upgrade groups of smart contracts together more safely. The network has set October 13 as the deadline for node operators to upgrade, ahead of the October 16 mainnet rollout. Every mainnet node must move to version 28, establishing a significant network event coinciding with the current price decline. The update focuses on better handling of delayed transaction data, batch smart-contract upgrades, safer stored data changes, and includes dual accessibility via node interface and desktop Pi App interface according to network rules.
The weekly chart offers some encouragement for buyers, with MACD standing at -0.02536 above its signal line at -0.02990, producing a positive histogram of 0.00455. Momentum has improved relative to the signal line, though both lines remain below zero. Weekly Supertrend also stayed bearish, with its resistance line at $0.12449. However, Daily Chaikin Money Flow remained negative at -0.11, suggesting selling pressure persisted despite the bounce. A return above zero alongside a price recovery would provide stronger confirmation than the daily gain alone. PI remained down 1.35% on the displayed weekly chart despite its daily gain, with its weekly low of $0.074 sitting about 9% below $0.08137.
