PI Network's native token has climbed roughly 3% over the past 24 hours, trading near $0.097 on Sept. 8, as the market anticipates the upcoming Protocol 27 mainnet upgrade scheduled for Sept. 15. The move brings PI within striking distance of the psychological $0.10 level, a resistance zone that has capped upside for about two months.
According to Coingecko, PI has traded between $0.0937 and $0.0969 over the past day, with a seven-day gain of approximately 6% after starting September near $0.091. The token is currently holding above its 50-day exponential moving average (EMA) at $0.094, while pressing against the $0.0971 resistance area.
Protocol 27: Key Catalyst
Protocol 27 remains the primary driver behind the recent interest in PI. The upgrade, which began deployment on Testnet 1 in August, is targeted for mainnet on Sept. 15. It introduces more flexible smart contract authentication and lays the groundwork for RPC servers, decentralized exchange functions, and automated market maker liquidity pools. This follows Protocol 26, which required node operators to update their software before the network could proceed.
PI's recent strength stands in contrast to Bitcoin's performance. While PI gained over 4% in 24 hours as of Sept. 8, Bitcoin fell 1.33%, suggesting that PI's move is more closely tied to ecosystem-specific developments than broader market sentiment.
Derivatives and Market Activity
Derivatives activity has also picked up alongside PI's price recovery. According to CoinAnk, PI's futures open interest rose to $9.60 million from $9.20 million a day earlier. Coinranking reported a higher figure of $20.07 million on Sept. 7, up from $14.83 million on Sept. 1. This increase in open interest indicates growing trader participation and conviction in the token's direction.
Technical Analysis
On the daily chart, PI has formed a series of higher lows since its July bottom, with an ascending trendline now providing support in the low-$0.09 region. The token recovered from below $0.08 in July and is currently trading near $0.0962.
The Average Directional Index (ADX) has climbed to 41.34 on the daily timeframe, well above the 25 threshold that typically signals a strong trend. This reading, up from below 20 in late August, confirms that the current uptrend has strengthened as PI approaches $0.10.
The daily Money Flow Index (MFI) has risen to 68.58, up sharply from its early-September dip. While buying pressure has increased, the MFI remains below 80, the level often associated with overbought conditions, suggesting there is still room for further upside.
Key Levels to Watch
PI now needs to clear the $0.0971–$0.10 area to extend the pattern of higher lows into a higher high. A daily close above $0.10 could open a move towards $0.1045, followed by the August spike region around $0.11. Conversely, failure to break $0.10 would leave the ascending trendline and the $0.092–$0.094 zone as the first support area to watch.
On the 4-hour chart, PI has climbed from roughly $0.086 in mid-August to $0.0962, with recent candles consolidating just below $0.097. The price has held above $0.09 since late August despite several attempts to move lower.
The Moving Average Convergence Divergence (MACD) indicator has started turning higher again. The MACD line stands near 0.00038, above its signal line at roughly 0.00025, while the histogram has returned to positive territory at approximately 0.00013. This crossover supports another attempt at $0.097 and potentially $0.10 if the positive histogram expands as price moves higher.
Chaikin Money Flow (CMF) sits at 0.06, recovering above zero after briefly turning negative. A positive CMF indicates that more volume is occurring during periods when PI closes towards the upper end of its trading range, providing support for the latest price increase.
A break above $0.10 with MACD remaining positive and CMF holding above zero would put $0.104–$0.105 in focus before the previous spike around $0.11. If PI is rejected below $0.10 and loses $0.094, the next support sits near $0.090, with the daily ascending trendline determining whether the recovery from July remains intact.
For context on similar market dynamics, see our coverage of Solana's price action ahead of its upgrade and PI's earlier climb. Additionally, broader crypto market trends are discussed in our piece on Ethereum's resistance levels.
This article is for informational purposes only and does not constitute financial advice.
