Pi Network’s PI Crashes Below Key Support as Pioneers Await Major Update Today

Here's what the team is supposed to announce by today.

Pi Network’s native token experienced a substantial resurgence over the past several days, but its run has been halted, and it has now dropped below the key support at $0.09.

Meanwhile, the project’s vast community expects updates on the next protocol upgrade, which is supposed to be the second-to-last one.

PI Tanks Again

After a painful July in which it marked consecutive all-time lows, including the last one at $0.07 in the middle of the month, PI entered the new month with more hopes for a rebound. Although it was stopped at $0.088 at first and slipped toward $0.08, that support managed to hold, and the asset went on an impressive run.

By August 6, it had climbed above $0.09 and even surged past $0.096. As the community was hopeful for another leg up toward the major $0.10 level, the token was rejected and dipped below $0.09 once again last Friday. Nevertheless, the bulls reemerged during the weekend and helped reclaim that line. PI peaked at $0.094 on Sunday morning.

As it typically happens when it stages a notable rally, though, the bears are usually close by, ready to halt its move north. The same occurrence took place in the past several hours, as PI was stopped at $0.092 and pushed below the key $0.09 support. It dropped to $0.084 minutes ago, where the buyers stepped up and helped it recover to the current $0.086.

Pi Network (PI) Price on CoinGecko

Its market cap has dropped below $950 million, making it the 67th-largest cryptocurrency by that metric on CoinGecko.

Big Deadline Arrives

Aside from PI’s price moves, Pioneers’ attention today is also turned to the second-to-last protocol upgrades (version 26), which, as reported last week, are supposed to be completed by August 11. The Core Team later reminded Mainnet Nodes that they need to upgrade to the new version by today or risk being disconnected from the network.

The team has previously outlined the significance of version 26, the last step before the final upgrade to version 27. They have already completed eight successful migrations since the start of the year.

It’s worth noting, though, that some of those upgrades came without an official announcement from Pi Network. As such, version 26 could also be deployed without a big statement, but there’s no chatter about it on social media as of press time.