Pi Coin (PI) is barely holding its $0.08 support level. Attention is focused on whether the Protocol 28 mainnet upgrade scheduled for the 16th (local time) could become a turning point for a price recovery.

■ Pi Coin at $0.0818... Total Market Capitalization of $2.88 Trillion

According to overseas crypto media outlet CoinGape on the 9th (local time), Pi Coin's price stands at around $0.0818, slightly above the $0.08 level considered a key support. At the same time, Bitcoin's price fell to $82,541, while Ethereum recorded $2,502 and Ripple (XRP) around $1.40. The total market capitalization of the entire cryptocurrency market was tallied at approximately $2.88 trillion.

■ Protocol 28 Mainnet Deployment on the 16th... "Nodes Must Upgrade to 28.0 by the 13th"

CoinGape reported that market attention is shifting to the Protocol 28 mainnet deployment scheduled for the 16th (local time). Investors are watching to see whether signals indicating the possibility of Pi Coin's price recovery will emerge ahead of this upgrade.

According to CoinGape, the Pi Core Team plans to deploy Protocol 28 to the mainnet on the 16th (local time). Accordingly, node operators must upgrade their nodes to version 28.0 by the 13th (local time) in preparation for the network transition. Protocol 28 is currently being tested on the Pi Testnet, and further modifications and testing may continue before it is deployed to the mainnet, which manages actual balances. This upgrade is a follow-up to the successful completion of the Protocol 27 mainnet deployment.

■ Improved Transaction Data Processing... Enhanced Smart Contract Update Capabilities

CoinGape explained that Protocol 28 focuses on improving how the network processes transaction data. According to the Pi Core Team, this upgrade improves the way delayed transaction data is handled during the consensus process. It also enables developers to update multiple smart contracts at once and modify stored data more securely.

Previously, Pi Network launched its Open Network on February 20 last year (local time), allowing the existing mainnet to connect with external networks. CoinGape explained that Protocol 28 goes beyond previous improvements to authentication features, strengthening transaction processing and application upgrade capabilities. However, it noted that improvements in the network's underlying technology do not necessarily lead to increased demand for Pi Coin or a price recovery.

■ "$0.08 Is the Key Zone"... Outlook Could Improve If $0.085 Is Broken

CoinGape identified $0.08 as the most important level for Pi Coin's short-term price movement. Its analysis suggests that if Pi Coin's price falls below $0.08 and fails to recover for an extended period, the current downtrend could persist even longer. Conversely, CoinGape forecast that if the price rebounds above $0.085, the outlook could improve going forward. However, it analyzed that during any further ascent, strong resistance near $0.09 and the psychologically important $0.10 level would serve as major hurdles.

■ RSI at 40, MACD at -0.000... No Clear Buy Signals

Technical indicators are also not showing clear upward signals. According to CoinGape, Pi Coin's Relative Strength Index (RSI) stands at 40, remaining at a neutral level. This makes it difficult to view as an indicator supporting a strong upward trend. The Moving Average Convergence Divergence (MACD) was recorded at -0.000 when rounded, with a sell signal appearing. CoinGape assessed that current indicators alone make it difficult to confirm the possibility of a price increase.

■ Futures Open Interest at $8.9 Million... Down from the Previous Day

In Pi Coin's futures market, open interest has decreased despite a slight price recovery. According to CoinGape's report citing data from CoinAnk, Pi Coin's futures open interest was tallied at $8.9 million. This is lower than the $10.38 million recorded a day earlier.

CoinGape explained that the decline in open interest could be a sign of shrinking participation in the futures market. However, it also noted that a price decline itself can lower the dollar-denominated value of unsettled contracts. Additionally, while investors closing positions or forced liquidations may have influenced the drop in open interest, CoinGape stated that current figures alone cannot confirm which factor actually drove the decrease.

[This article is by no means an investment solicitation. The content may be merely opinion, so please do not use it as a reference or material for investment. All investments are made at the individual's own discretion, and the final responsibility lies with the investor. This publication assumes no responsibility whatsoever.]