Pi Network Price Forecast: Rebound hints at a double-bottom reversal

• Pi Network is up nearly 3% on Tuesday, recovering after losing over 4% the previous day.
• Pi node operators must upgrade to Protocol 28 by Tuesday as the network prepares for its next phase.
• The technical outlook for PI remains bearish, with mounting selling pressure testing the previous week’s low at $0.0774.

Pi Network (PI) shows a 3% recovery so far on Tuesday after losing over 4% the previous day. Pi node operators face a deadline to adopt Protocol 28 by Tuesday, a key step in the network’s development. The technical outlook for PI remains bearish, with momentum showing a downside bias. 

Pi Network’s Protocol v28 upgrade hits deadline

Pi Core Team’s announcement of the Protocol v28 upgrade highlighted October 13, Tuesday, as the final date for Pi node operators to upgrade to the latest version, as previously reported by FXStreet. This upgrade focuses on handling delays in transaction data, enabling developers to upgrade groups of smart contracts at once and change stored data more safely as their applications develop.

Technical outlook: Will Pi Network bounce back?

Pi Network trades around $0.0809 at press time on Tuesday, maintaining a strong bearish bias on the daily chart. The Pi token trades below its 50- and 200-day Exponential Moving Averages (EMAs) at $0.0885 and $0.1236, respectively, which together suggest the prevailing downtrend.

Momentum reinforces the cautious tone, with the Relative Strength Index (RSI) at 39 indicating weak demand, while the Moving Average Convergence Divergence (MACD) continues to decline in negative territory, hinting at persistent downside pressure.

From a technical perspective, the intraday recovery reflects PI token holding above the previous week’s low of $0.0774, hinting at a potential double-bottom reversal. A bearish close below $0.0774 could extend the decline toward the $0.0704 record low. Any deeper pullbacks would extend the decline into a support discovery mode in untested waters.

On the other hand, PI must surpass the resistance cluster formed by the 23.6% Fibonacci retracement level at $0.0866, measured from $0.1394 to $0.0704, and the 50-day EMA at $0.0886 to sustain a steady upward trend. A confirmed breakout above this cluster could extend the recovery toward the 50% retracement level at $0.1049.

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