Pi consolidates below $0.10 as Protocol 27 mainnet upgrade approaches
Key takeaways
- The Pi Core Team introduced Protocol 27 on the Pi Testnet, enabling preparations for advanced smart contract authentication.
- A mainnet upgrade to Protocol 27 is scheduled for September 15.
- PI faces resistance at $0.1022, with a breakout potentially opening a move toward $0.1204.
Pi Network is trading lower on Monday following a gain of more than 6% last week, with its price hovering around $0.0880.
The cryptocurrency remains above the $0.0800 level but continues to face resistance below $0.1000.
Despite the recent advance, momentum indicators suggest that PI has not yet developed sufficient buying pressure to sustain a breakout.
The mixed technical outlook comes as developers prepare a network upgrade that could introduce additional authentication capabilities for applications and transactions.
Pi Core team introduces protocol 27 on testnet
The Pi Core Team announced Saturday that it had released Protocol 27 on the Pi Testnet. Pi Network is built on the Stellar Consensus Protocol, and the update incorporates the latest Stellar network protocol into its testing environment.
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