Pi Network Price Forecast Ahead of Protocol 28 Upgrade in October

Pi Network price remained near $0.091 on Sept. 30 as the cryptocurrency continued trading with limited momentum ahead of another Mainnet upgrade.

Pi Network has scheduled Protocol 28 for Oct. 16. The update will expand smart-contract development capabilities after Protocol 27 reached Mainnet in September.

The technical upgrades have yet to produce a comparable move in PI’s market price. Trading turnover also remains low relative to the token’s $1.02 billion market capitalization.

Pi Network Price Wavers Ahead of Protocol 28

Pi token has stalled in the past two months, bringing its market capitalization to $1.02 billion. At its peak, the token had a market capitalization of close to $20 billion, making it one of the top laggards in the crypto industry.

Pi Network price has ignored several major events. One of these is the ongoing network upgrades that have seen it move from Protocol 19 to the current Protocol 27.

The upgrades have led to major changes in the network’s architecture. Most notably, it introduced smart contracts, which make it possible for developers to build decentralized applications (dApps). This feature, together with the introduction of Remote Procedure Call (RPC) has made it a more viable competitor to popular chains like Ethereum and Circle Internet’s Arc.

The next important step in Pi Network’s growth will be the Protocol 28 upgrade in October. This upgrade introduces more features, such as the ability for developers to upgrade groups of smart contracts at once and to change stored data more safely as their applications evolve.

Pi Network’s developers hope that the network will attract more developers in industries like decentralized finance (DeFi), gaming, real-world asset (RWA) tokenization, and social media.

The reality, however, Pi Network price has reacted mildly to these upgrades. It has barely moved whenever these upgrades happen, meaning that the same may happen in October.

Pi Coin Ignored the Crypto Market Rally

Pi Network token has been left behind by the ongoing crypto market rally that has pushed Bitcoin to the highest level in months. Top altcoins like Zcash, Near Protocol, and Venice have all jumped by double digits from the lowest levels this year.

Pi token has also ignored the ongoing risk-on sentiment in the crypto industry. The Crypto Fear and Greed Index has remained in the greed zone in the last two months. In most cases, altcoins tend to do well when there is market greed.

There are several reasons why the token has remained under pressure. One of them is the fact that demand has remained under pressure this month. CoinMarketCap data show that trading volume has dropped to just $6 million, a tiny amount for a coin with over $1 billion in market cap. Its volume-to-market cap has remained at 0.60, a tiny amount.

The other reason is that the token has continued to see unlocks, and this trend will continue. It has a circulating supply of 11.24 billion, significantly lower than the total supply of 100 billion. The network will unlock billions of tokens in the coming months.

Pi Network Price Prediction: Technical Analysis

The daily chart shows that the value of Pi has remained in a consolidation phase in the past few weeks. It was trading at $0.09153, down sharply from its all-time high of nearly $3.

The token is consolidating alongside the 50- and 25-day Exponential Moving Averages (EMAs), a sign of low volatility. Also, the three lines of the Bollinger Bonds have narrowed.

The Average True Range (ATR) has dropped to 0.0083, its lowest level since September 7. Therefore, the token will likely remain in this range and then have a bearish breakout, potentially to the all-time low of $0.030.

This article is for informational purposes only and does not constitute financial or investment advice. Technical levels and upgrade-related price scenarios remain conditional.