Pi Coin (PI) is rebounding ahead of the Protocol v28 mainnet upgrade, drawing attention to the possibility of it reaching $0.10.

According to overseas crypto media outlet CoinGap on the 16th (local time), Pi Coin traded at $0.0805 that day, up 4.58% over 24 hours. The rebound came ahead of the Protocol v28 mainnet upgrade scheduled for the same day.

Over the same period, the overall cryptocurrency market rose 1.61%, recording a total market capitalization of $2.76 trillion, meaning Pi Coin outperformed the broader market. Bitcoin traded at around $82,106, Ethereum at $2,435, and XRP at around $1.33.

What Does the Protocol 28 Upgrade Change?

According to CoinGap, the Pi Network has been pushing forward with the Protocol 28 upgrade after completing the mainnet deployment of Protocol 27. The Pi Testnet has already been upgraded to Protocol 28, and node operators had to update their software by the 13th (local time) ahead of the mainnet transition on the 16th (local time).

This upgrade focuses on improving network functions to address delays that occur during transaction data processing. It also includes features that allow developers to upgrade multiple smart contracts at once and to modify stored application data more securely.

The official Pi Network team announced on X on September 25 (local time) that "following the successful completion of the Protocol 27 upgrade on the Pi Mainnet, the Pi Testnet has also been upgraded to Protocol 28." The team explained that "Protocol 28 improves the way transaction data delays are handled and enables developers to upgrade multiple smart contracts simultaneously," adding that "as applications evolve, stored data can be changed more securely." The team also asked all node operators to upgrade to Protocol 28 by October 13 (local time) to prepare for the mainnet transition scheduled for the 16th (local time).

CoinGap reported that these changes could help simplify application maintenance and reduce operational burdens for developers. However, it noted that the scheduled upgrade date and the actual completion of the mainnet transition should be distinguished, and explained that while the upgrade is drawing market attention, the key question is whether the initial upward momentum can be sustained amid profit-taking sell pressure.

First Ecosystem Summit in November... New Features and Hackathon to Be Unveiled

Following the protocol upgrade, the Pi Network is also preparing ecosystem expansion events. According to CoinGap, the Pi Core Team announced it will hold its first 'Pi Ecosystem Summit' online for three days from November 17 to 19 (local time).

The event is expected to feature the unveiling of new platform features, developer demonstrations, and introductions to applications created by community developers and partner companies. A new hackathon will also be announced, with details expected to be revealed during the event.

X user Woody Lightyear reported news of the Pi Ecosystem Summit on October 16 (local time), noting that new platform features, developer demonstrations, application unveilings, and a new hackathon are planned. He also expressed expectations that the reason the Pi Network has been rapidly pushing protocol upgrades recently may be revealed through this event.

CoinGap said the summit could serve as an opportunity to show how developers plan to utilize the features introduced through recent protocol upgrades. However, the Pi Core Team has not confirmed any direct connection between the summit and the protocol upgrade schedule. CoinGap explained that for Pi Coin holders, the more important signal is whether actual applications can attract users and whether network activity continues steadily.

Price Outlook: Breaking $0.085 Could Open Path to $0.10... Watch $0.075 on Downside

According to technical analysis presented by CoinGap, Pi Coin's Relative Strength Index (RSI) stands at 40.43, below the neutral threshold of 50. The Moving Average Convergence Divergence (MACD) with 12- and 26-period settings shows a value of approximately zero and is classified as neutral.

If the upward trend continues, $0.0850 could be the first recovery target, followed by the $0.0890 to $0.0900 range as the next target. The analysis suggests that if this resistance zone is decisively broken, the price could rise to the psychological benchmark of $0.10.

Conversely, in the event of a decline, $0.0800 is seen as a key short-term price level. According to CoinGap, the next support zones are $0.0780 and $0.0750. In particular, $0.0750 is the low recorded on Thursday, the 15th (local time), and could serve as a major support line. CoinGap analyzed that if this price level also breaks down, there is a possibility of further declines to the $0.0700 to $0.0705 range.

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